Gbp/Usd is neutral around 1.3180/90, showing no clear directional strength for now. Market continue to focus on any further Brexit development and we have UK GDP this week too.
Uncertainty prevails currently. I think it will be good to open long at 1.31.
The British pound fell against the dollar: the pair GBP/USD dropped by 0.14% to 1.3245. Investors are fixing profits after the increase on Wednesday. On Wednesday, the British pound rose in price by 1% after the release of the report on the acceleration of GDP growth in the UK in the third quarter, which increased the chances of raising the interest rate by the Bank of England next month.
Brexit talks continue to be in centre stage, Theresa May under pressure to leave EU with no deal. Pound is consolidating in the negative territory just above 1.31 level, showing no clear directional strength for now.
GBP/USD fell off a cliff yesterday, but today it managed to hold on around 1.3070-1.3080. The pair seems to have found some support.
Pound / dollar had a strong bearish momentum yesterday, after failing to break above the key resistance of 1.3330, reaching a bottom at 1.3042. The commercial signals are bearish for testing the daily EMA 200, located in the 1.3000 area. This region remains a good place to buy with tight stops, as a clear break and a daily / weekly closure below 1.30 will stem the main upside trend with a potential downside reversal scenario. The closest resistance is seen at 1.3135, whose breakthrough can take the price to a neutral zone with testing at 1.3200.
The British pound was up against the US dollar on Friday. By the close of US trading, GBP / USD is trading at 1.3077, gaining 0.13%. I believe that support is now at around 1.3040, the low of today's trading, and resistance is likely at the level of 1.3321 - the maximum of Wednesday.
Brexit negotiations have seen no progress so far, uncertainty of the future Brexit talks will remain pressure on Pound. Gbp/Usd is consolidating around mid level between 1.30 to 1.31, showing no directional strength short term.
The British pound recorded a neutral session against the US dollar on Tuesday. The currency pair opened at 1.3169 and the pound lost only 4 pips. Daytime extreme values were reached at 1.3177 and 1.3108 respectively. If the bullish trend of the last few sessions persists, there may be a break in the first resistance at 1.3260.
Key levels to watch for:
Support: 1.3100; 1.2975;
Resistance: 1.3260; 1.3440;