Pound sideways to weak till 1.28
Technical Overview: Pound currently at 1.3085, currently trading above the psychological level 1.30 and above the key support 1.3030. A break upside 1.3130 can test immediate resistance 1.3180 and 1.3200 further. Downside support lies at 1.3030 and 1.3000 further , One can be on sell on rise strategy till 1.3130 for downside 1.2950 and 2900 and trend turned to weak.
Fundamental: GBP fell against USD by 0.59 percent yesterday. GBP fell against USD yesterday when UK’s Attorney General Cox said that the legal risk remains unchanged that the UK will have no lawful means of leaving the Irish Backstop arrangement. Also, the European Research Group’s lawyers have rejected May’s latest Brexit proposals. The main concern of lawmakers is to remain trapped in the backstop forever, unable to leave the customs union once the transition period ends in 2020.
Suggestion: SELL GBPUSD TILL 1.3130 FOR 1.3030/3000 ELSE BUY ABOVE 1.3230 FOR 1.3300/3330
Important levels to watch:
S1: 1.3030 S2: 1.2980 S3: 1.2950
R1: 1.3130 R2:1.3180 R3: 1.3230