Pound below 2800 , getting more weak
Technical Overview: Pound currently trading at 1.2780 which trading below the downward channel support 1.2850, currently trading below the psychological level 1.28 and below the key resistance 1.3000. A break upside can check 1.3120 and can extend till 1.3180 further. Downside support lies at 1.2770 (Feb 14th, 2019 low)) and 1.2675 (Jan 15th, 2019 low). One can enter sell in every rise for downside said levels which could be a good strategy for the day until it stays above 1.3000 for upside said targets.
Fundamental: GBP decreased against USD by 0.41 percent yesterday. In the UK, cross-party talks between the government and opposition Labour continued, although the lack of progress persists, denting further demand for Sterling. Situation further deteriorated after UK’s opposition’s Brexit spokesperson stated that the labor party will vote against withdrawal of the bill is no deal is struck. Even after getting rejected thrice, UK’s government now plans to appeal for the fourth time in early June, 2019.
Suggestion: SELL GBPUSD TILL 1.2785 FOR 1.2730/2700 ELSE BUY ABOVE 1.2930 FOR 1.3045/3065
Important levels to watch:
S1: 1.2750 S2: 1.2700 S3: 1.2680
R1: 1.2830 R2:1.2880 R3: 1.2930