Pound below 2700, getting more weak
Technical Overview: Pound currently trading at 1.2670 which trading below the downward channel support 1.2780, currently trading below the psychological level 1.27 and below the key resistance 1.2680. A break upside 1.2780 can check 1.2990 and 1.3030 further. Downside support lies at 1.2515 (Jan 03rd 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 1.2800 for upside said targets.
Fundamental: GBP decreased against USD by 0.17 percent yesterday. PM May surprised the markets this Tuesday by announcing a new Brexit bill, which details will be unveiled in the next few days, clarifying that she still opposes a second referendum. DUP Deputy Dodds said that while they might need to wait to see the text of the ‘new bill,’ it was clear that fatal flaws remain unchanged.
Suggestion: SELL GBPUSD TILL 1.2680-2700 FOR 1.2630/2600 ELSE BUY ABOVE 1.2780 FOR 1.2830/2845
Important levels to watch:
S1: 1.2650 S2: 1.2600 S3: 1.2580
R1: 1.2700 R2:1.2745 R3: 1.2780