GBP/USD: Pound Trades Below 1.3220

Fundamental Highlights

The pound trades below the 1.3220 resistance level as investors await further updates on how Theresa May will try to convince the EU to amend the agreed upon Brexit plan. British Ministers have made it clear that they will not vote for May’s plan unless May and the EU alter the Irish backstop clause. For today, investors need to keep an eye on any development related to Brexit. Additionally, investors need to monitor the results of the U.S. Consumer Confidence report as it will affect the pair from the greenback’s side.

Technical Analysis

The pound is currently testing the 13-period moving average. If prices bounce off the 13-period moving average then this will confirm that bullish momentum remains in place paving the way for a second attempt to break above the 1.3232 resistance. If successful, the break above the 1.3232 resistance will open up the path for a rise towards the 1.3300 resistance level.

Support: 1.3132/ 1.3085Resistance: 1.3232 / 1.3300

GBP/USD Analysis 29/01/2019

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