Sterling rose above 1.27 as dollar fell sharp and due to political glitches

Pound above 1.27, will it sustain?

Technical Overview: Pound currently trading at 1.2745 which trading below the downward channel support 1.2750 which turned to resistance now. A break upside 1.2750 can check 1.2830/2850 further. Downside support lies at 1.2740 or 20MA and 1.2720 or 50MA, a break can see a sharp fall till 1.2680/2650 downside. 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 0.01 percent yesterday. Bank of England unveiled its latest monetary policy decision. As expected, the central bank left its main rate unchanged at 0.75%, as well as the APP program. The central bank is still assuming a smooth Brexit scenario, in which they could hike rates at a gradual and limited pace.

Suggestion: SELL GBPUSD TILL 1.2750 FOR 1.2680/2650 ELSE BUY ABOVE 1.2800 FOR 2845/2880

Important levels to watch:

Support Levels

S1: 1.2720 S2: 1.2680 S3: 1.2645

Resistance Levels

R1: 1.2750 R2:1.2780 R3: 1.2830

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