Thursday, November 22, 2018

GBP/USD - 22 November 2018


Fundamental Highlights

The Pound remains unchanged following a lack of economic data and major developments related to Brexit. The global currency market has been quiet in the past 32 hours due to the reasons mentioned earlier and also due to US investors taking a break from the markets as they go on holiday for Thanksgiving Day. For today and the end of this trading week, the current state of the market point towards no significant move in the Pound given that all eyes will bet set on this weekend’s EU summit.

Technical Analysis

The pair ranges around the 13-period moving average in anticipation of a major development related to Brexit. However, the bias remains clearly bearish as prices trend below the moving average. A break below the 1.2759 support will expose the next key level at 1.2729. Whereas a break above the 1.2862 resistance will expose the next key level at 1.2943.

Support: 1.2776/ 1.2729
Resistance: 1.2892 / 1.2937

Chart (H4)