The Pound breaks above the 1.2800 mark after it was reported that the UK parliament will try to delay the UK's exit from the EU. A delay is positive for the British currency as it will provide the parliament more time to negotiate the current set deal between May and the EU, and the delay also decreases the prospects of a “no deal” Brexit. Moving forward, the Pound will continue to be mainly driven by news surrounding Brexit negotiations.
The Pound breaks above the 13-period moving average and rises towards the 1.2870 resistance level. The next push higher will be confirmed if prices manage to break above the upper-end of the level at 1.2894. This scenario will pave the way for a rise towards the 1.2950 resistance level. On the other hand, if a bearish Brexit news hits the market, the pair will drop back below the 13-period moving average and break below the 1.2781 support, paving the way for a drop towards 1.2730.
Support: 1.2781/ 1.2730
Resistance: 1.2894 / 1.2950