In the Spotlight: GBP/USD and ETH/USD
The British rejected all of Theresa May’s proposed Brexit models, causing the Pound to retreat. May earlier promised to resign from office once Brexit was delivered, in a bid to win support for her deal from her Conservative Party colleagues. But despite early signs that her gamble could pay off, none of the eight options received clear backing from British MPs.
GBPUSD has been trending steadily higher above support provided by an ascending trend line dating back to early 2019 lows. If the uptrend continues despite political uncertainty, the currency seems poised to retest overhead resistance clustering around the 1.33 handle.
ETHUSD has spent 2019 forming a wide ascending triangle, capped firmly by resistance at ~$160. Previous price action has seen steep rallies to test that resistance, followed by retracements (forming a series of higher lows). Each of the two previous rallies this year was prefaced by a bullish stochastic crossover, such as the one we are seeing now.
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