Pound above 1.30, range trading with upside bias
Technical Overview: Pound currently at 1.3050, currently trading above the psychological level 1.30 and below the key resistance 1.3120. A break upside 1.3120 can test immediate resistance 1.3180 and 1.3230 further. Downside support lies at 1.3000 and 1.2980 further which could limit the day fall, one can enter in every dip till 1.3020 for upside said targets.
Fundamental: The pair initially stretched its recent downturn forward after results of the indicative Brexit proposals supported fears of hard departure when PM Theresa May’s third proposal is also bearing mixed response before appearing for votes. However, rejection of indicative proposals also increased chances of May’s plan being accepted and hence some pullback took place recently.
Suggestion: BUY GBPUSD ABOVE 1.3050 FOR 1.3120/3150 AND SELL FROM 1.3230 FOR 1.3120/3080
Important levels to watch:
S1: 1.3030 S2: 1.2980 S3: 1.2930
R1: 1.3120 R2:1.3180 R3: 1.3230