Tuesday, March 12, 2019

GBP/USD - 12 March 2019


Fundamental Highlights

The Sterling advanced strongly yesterday after reports that UK's May and EU's Juncker will try to clinch a last-minute deal. Irish Foreign Minister Coveney said that the EU was trying to put up a package to provide the Parliament with the reassurances they need, boosting optimism during the evening trading session. British parliamentary vote on the PM May’s Brexit proposal, UK’s GDP numbers and the US inflation numbers will be crucial to watch today.

Technical Analysis

The Pound surged yesterday and broke above major resistance levels and now price is sitting just above 1.32 (S1). A pullback towards 1.32 or 1.3150 (S2) is likely before continuing its potential upward trajectory. A break above 1.3250 (R2) and 1.3288 (R3) could open the door to retest the 1.3350 (R3) yearly high. 

Support:1.32 / 1.3150 / 1.31
Resistance:1.3250 / 1.3288 / 1.3350

Chart (H4)