Thursday, March 28, 2019

GBP/USD - 28 March 2019

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Fundamental Highlights

The Pound is still stuck in the same range as Brexit uncertainty left traders confused with no clear direction. The pair lost some ground during yesterday’s session after results of the indicative Brexit proposals supported fears of hard departure. MPs proposed eight Brexit options, but all of them were rejected. There are reportedly 16 different Brexit alternatives on the table that Parliament is expected to vote on today. The focus will currently be on how PM May will manage to collect support for her plan before tomorrow’s voting. At the economic front, the US GDP data will be the highlight of the day.

Technical Analysis

The Pound attempted to break above 1.3250 (R2), but price found resistance and pulled all the way back to the 1.3150 (S1) support level. Price is still in consolidation as the market is waiting for a definitive Brexit result to potentially set a new trend in the market.

Support: 1.3050 / 1.31 / 1.3150
Resistance: 1.32 / 1.3250 / 1.33

Chart (H4)