Tuesday, March 26, 2019

GBP/USD - 26 March 2019


Fundamental Highlights

The Pound stopped advancing on Monday as PM May addressed lawmakers, adding little new to what the market already knew. May reiterated that there are no chances of changing the withdrawal agreement, and that is either her deal approved between this week and the next one, or leaving without a deal, a scenario that no party desires. She also added that it is very difficult to take Britain out of the UK against the Parliament’s will. Today, the UK macroeconomic calendar has nothing of relevance to offer so traders will remain focused on any new Brexit developments.

Technical Analysis

The Pound traded within the same range during Monday’s session as price attempted to break above 1.32 (R1) and the 1.3220, 50-day moving average, but failed to do so. Currently, price is sitting just below 1.32 (R1), traders are waiting for a confirmation break above that level or below 1.3150 (S1) for any possible shift in momentum.

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

Chart (H4)