Friday, February 1, 2019

GBP/USD - 01 February 2019


Fundamental Highlights

The Pound ranges around the 13-period moving average as no significant Brexit related news came out in the past 24 hours. Investors are awaiting an announcement related to the possible alteration of the Brexit plan as the majority of ministers refuse to vote for the current plan unless it is modified. Keep in mind that although an alteration of the Brexit plan is possible, it will be a difficult stint as the EU remain adamant on keeping the plan as is. For today, alongside any major Brexit-related news, investors will focus on the key NFP report coming out of the US.

Technical Analysis

The Pound continues to range around the 13 and 50-period moving averages. Depending on the NFP results or a major Brexit related announcement, the pair will either break below the 1.3048 and drop towards 1.2920, or break above the 1.3230 resistance exposing the 1.3300 level.

Support: 1.3048 / 1.2920
Resistance: 1.3230 / 1.3300

Chart (H4)