Pound rose as May gets extension for Brexit deadline

Pound sideways to ranged trading, trend remains firm till 1.33

Technical Overview: Pound currently at 1.3145, currently trading above the psychological level 1.31 and below the key resistance 1.3230. A break upside 1.3230 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 1.3130 (50 and 20 MA) for upside said targets.

Fundamental: GBP fell against USD by 0.67 percent yesterday. As per the draft proposal, the EU is ready to offer a Brexit extension till April 12 by then the PM Theresa May has to acquire parliament support for her deal in order to remain in the region till May 22. If Mrs. May fails to gain House of Commons’ support for her plan, April 12 is the last day for the British economy as the regional member. It should also be noted that the Bank of England (BOE) left its monetary policy unchanged, as expected, while giving higher importance to Brexit for directing future moves

Suggestion: BUY GBPUSD TILL 1.3130 FOR 1.3180/3230 AND SELL FROM 1.3250 FOR 1.3100/3080

Important levels to watch:

Support Levels

S1: 1.3130 S2: 1.3080 S3: 1.3030

Resistance Levels

R1: 1.3180 R2:1.3230 R3: 1.3280

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