Sterling sideways above 1.32 as EU formally agreed for May’s Brexit delay request

Pound above 1.32 strongly, heading towards 1.34

Technical Overview: Pound currently at 1.3265, currently trading above the psychological level 1.32 and above the key support 1.3230. A break upside 1.3280 can test immediate resistance 1.3380 (March 13th High) and 1.3430 further. Downside support lies at 1.3130 and 1.3030 further which could limit the day fall, one can enter in every dip till 1.3230-3200 (50MA) for upside said targets.

Fundamental: GBP fell against USD by 0.26 percent. Brexit deal got rejected by the Parliament. However, on 13th March the MP’s voted to not crash out the EU without a deal. On the following day on 14th March the Parliament voted again to go in for an extension for the Brexit deadline. The latest development for Brexit is that Commons Speaker Bercow warned the government it could not bring the same Brexit deal to another vote in the Parliament, dismissing a third meaningful vote

Suggestion: BUY GBPUSD TILL 1.3230-50 FOR 1.3280-3330 AND SELL FROM 1.3380 FOR 1.3280/3230

Important levels to watch:

Support Levels

S1: 1.3230 S2: 1.3130 S3: 1.3080

Resistance Levels

R1: 1.3280 R2:1.3330 R3: 1.3380

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