Tuesday, October 16, 2018

GBP/USD - 16 October 2018

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Fundamental Highlights

The British Pound remains to trade in between 1.31 and 1.32 as no significant Brexit developments took place. For now, it does not seem like the EU and the UK will manage to strike a deal before or during the EU summit as both sides remain stringent in their demands regarding the Irish border issue. With that being said, the pair will remain within this range until a clear Brexit development occurs. For today, investors need to also keep an eye on economic data from the UK as they may play a part in the pair's intraday movements.

Technical Analysis

The Pound trades in between the 13-period moving average and the 50-period moving average as investors are indecisive about the future direction of the pair. Depending on any Brexit developments, the pair will either break above the 1.3203 resistance or below the 1.3124 support. Keep in mind that the break of any of these levels will most likely dictate the trend of the pair during this week's trading.

Support: 1.3124 1.3062
Resistance: 1.3203 1.3255

Chart (H4)

GBPUSD

 
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