Global macro overview for 04/11/2016:
The decision of the High Court of the United Kingdom makes the process of leaving the UK out of the EU delayed, because Theresa May's cabinet will have to consult the parliament. The High Court of the United Kingdom stated that all the steps of the British government regarding Brexit require parliamentary approval. Today, UK PM Theresa May has met with Angela Merkel and Jean-Claude Juncker of the European Commission and she said she's confident of winning the Brexit case appeal at the Supreme Court. Moreover, she claims the timing for triggering Article 50 remained the same, Spring 2017.
Let's now take a look at the GBP/USD technical picture at the 4H time frame. The bulls have hit the technical resistance at the level of 1.2478 and the market is trading sideways as the golden trend line resistance is making any higher moves a little more difficult. The larger time frame trend is still down and the next support is seen at the level of 1.2333.
