Pound holding 2885, will it break to fall more?
Technical Overview: Pound currently trading at 1.2910 which trading below the downward channel support, currently trading below the psychological level 1.30 and below the key resistance 1.3050. A break upside can check 1.3120 and can extend till 1.3180 further. Downside support lies at 1.2885 and 2850 further which could extend the fall till 1.2775 (Feb 02, 2019 low) and 1.2750, one can enter sell in every rise for downside 2885/2850 which could be a good strategy for the day until it stays above 1.3120 for upside said targets.
Fundamental: GBP decreased against by 0.34 percent yesterday. In the UK, cross-party talks between the government and opposition Labour continued this Monday, although the lack of progress persists, denting further demand for Sterling. The tense political situation in the kingdom will likely prevent the GBP from appreciating beyond short-intraday spikes.
Suggestion: SELL GBPUSD TILL 1.2920 FOR 1.2885/2850 ELSE BUY ABOVE 1.3030 FOR 1.3080/3100
Important levels to watch:
S1: 1.2885 S2: 1.2850 S3: 1.2830
R1: 1.2945 R2:1.2980 R3: 1.3030