Dear traders,
As we know, Prime Minister Boris Johnson has suspended the UK parliament.
Essentially, Prime Minister Boris Johnson wants to get the parliament out of the way so they can't stop him from going out with no deal. If we look at the GBPUSD, that’s exactly what the market seems to price in. The Pound has fallen as much as 1% against the dollar yesterday, the most in a month. The market is seeing this as a way that Britain is heading straight towards a no-deal Brexit. And, since a no-deal Brexit will have negative consequences for the British economy, the GBP is expected to continue to depreciate against the U.S. Dollar.
Technical outlook
The technical analysis shows there is a strong downward trend approximated by a linear equidistant channel on a daily timeframe. Trend indicators, in particular, a 30-day moving average, confirms that the Pound is in a strong downward trend.
You can find the full analysis here: https://www.tradingview.com/chart/GBPUSD/sAniQ6fq-A-No-Deal-Brexit-Is-a-Perfect-SELL-Signal-for-GBPUSD/