Pound on weak note as Brexit looks set to be delayed by EU as long as a year

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Pound above 1.30, range trading with sideways to negative

Technical Overview: Pound currently at 1.3070, 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 to buy and sell at rise would be the strategy for the day until it stays above 1.3120 for upside said targets.

Fundamental: GBP fell against USD by 0.02 percent yesterday. UK PM May’s spokesman reported that the Government and Labour opposition had “further productive and wide-ranging talks,” adding that both parts agreed to meet again next Thursday after the EU Summit concludes. Meanwhile, there were some markets talks indicating that the UK may need to participate in EU elections to get a further extension on Brexit and that Conservatives are resigned to it, despite their previous opposition.

Suggestion: SELL GBPUSD BELOW 1.3070 FOR 1.3030/3000 ELSE BUY ABOVE 1.3125 FOR 1.3180/3200

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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