Despite the approval on Thursday of the preconditions for a British exit from the EU, the pound remains under pressure. At the same time, the issue of the border of Great Britain with Northern Ireland is not resolved. Now the draft agreement submitted by Prime Minister Theresa May should be approved by the country's parliament. Former Brexit minister Dominic Raab believes parliamentarians will vote against the deal. This will require a repeat vote, which is likely to be scheduled for February next year, and most likely the pound will remain under pressure until this date.
GBP / USD continues to trade in a descending channel on the daily chart. The main trend is still bearish. Short positions are preferred.
Below the key resistance levels of 1.3210 (Fibonacci level 23.6% of the correction to the decline of the GBP / USD pair in the wave that started in July 2014 near the level of 1.7200), 1.3180 (ЕМА200 on the daily chart) negative dynamics prevail.
The signal for the resumption of long positions will be the breakdown of the short-term resistance level of 1.2940 (ЕМА200 on the 4-hour chart). Growth above resistance levels 1.3180, 1.3210 is unlikely.
The situation around Brexit remains the main negative factor for the pound.
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Support
Levels: 1.2770, 1.2730, 1.2700, 1.2660, 1.2500, 1.2365, 1.2110, 1.2000
Resistance Levels: 1.2860, 1.2940, 1.3030, 1.3180, 1.3210, 1.3300
Trading Scenarios
Sell in the market. Stop Loss 1.2880. Take-Profit 1.2770, 1.2730, 1.2700, 1.2660, 1.2500, 1.2365, 1.2110, 1.2000
Buy Stop 1.2880. Stop Loss 1.2830. Take-Profit 1.2940, 1.3030, 1.3180, 1.3210, 1.3300
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