Pound sideways as EU approves Brexit deadline till Oct 31 , 2019

Pound resisting at 1.30, range trading with sideways to negative

Technical Overview: Pound currently trading at 1.2985 which trading below the downward channel support, currently trading below the psychological level 1.30 and below the key resistance 1.3120. A break upside 1.3120 can test next resistance 1.3180 and 1.3230 further. Downside support lies at 1.2930 and 1.2900 further which could extend the fall till 1.2775 (Feb 02, 2019 low) and 1.2750, one can enter sell in every rise which could be a good strategy for the day until it stays above 1.3120 for upside said targets.

Fundamental: GBP declined against USD by 0.06 percent yesterday. EU members are ready to provide extension till 31st Oct 2019. Also, Talks between PM May and Labour leader Corbyn came to no right end, stalling last week amid May holding on to her ‘red lines’ as Corbyn said. Conservatives have already tried to ousted May last December, and the rules state that they can’t challenge her authority within the first year afterward, although rules can always be changed. Meanwhile, UK remained closed yesterday on account of Easter Holiday.

Suggestion: SELL GBPUSD TILL 1.2990-3000 FOR 1.2920/2880 ELSE BUY ABOVE 1.3080 FOR 1.3180/3200

Important levels to watch:

Support Levels

S1: 1.2970 S2: 1.2950 S3: 1.2930

Resistance Levels

R1: 1.2995 R2:1.3020 R3: 1.3050

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