Sterling off the highs as UK Parliament rejects all four alternatives for Brexit

Pound above 1.30, range trading with upside bias

Technical Overview: Pound currently at 1.3075, 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: Pound came under pressure after UK Parliament failed to find a majority of its own for any alternative to Prime Minister Theresa May’s divorce deal. Today the Prime Minister is due to hold five hours of cabinet meetings with senior ministers to plan the government’s next moves. Dollar continued to strengthen against its major crosses despite weaker-than-expected retail sales number from the US. This week volatility for the dollar is expected to remain high ahead of the important payrolls number. Better-than-expected employment number could extend gains for the greenback

Suggestion: BUY GBPUSD ABOVE 1.3050 FOR 1.3120/3150 AND SELL FROM 1.3230 FOR 1.3120/3080

Important levels to watch:

Support Levels

S1: 1.3030 S2: 1.2980 S3: 1.2930

Resistance Levels

R1: 1.3120 R2:1.3180 R3: 1.3230

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