Wednesday, March 27, 2019

GBP/USD - 27 March 2019


Fundamental Highlights

The Pound recovered during yesterday’s session however this morning during the Asian session, it gave back most of the gains as Brexit headlines and rumors continue to be the major driver. The UK Parliament agreed on some indicative votes that will take place today which will grant control to the Parliament. But that doesn't solve the issue of the EU refusing to renegotiate the Irish backstop. Meanwhile, PM May's leadership continued deteriorating, with rumors of her quitting or being expelled sounding louder day after day. There are no relevant UK data scheduled for today, so traders will stay on alert for any Brexit development.

Technical Analysis

The Pound tried to break above 1.3250 (R2) yesterday, but failing to do so, price pulled back below 1.32 (R1). The Sterling remains in the same range from last Friday, as traders are waiting for a clear breakout to either side for a possible continuation.

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

Chart (H4)