It’s confirmed, Theresa May has been confirmed as the new British PM and she is known for her good negotiation and stance when it comes to Brexit. Since she was on the leave side of the campaign news has it that she will fast track the process and make some few concessions and efforts to make London the world financial hub.
To the charts, after the news was announced we saw that sell off in the 4 Hr chart happening soon after the announcement with the stochastics at the oversold territory. It will be a good idea to sell now and as we wait for what will happen tomorrow with the MPC where interest rates will likely be slashed. If it does, I will be targeting the 261.8 Fibonacci extensions in the daily chart-drawn from last year’s Hi-Lo- as my potential TP.
Have a good trading day.