Monday, January 28, 2019

GBP/USD - 28 January 2019


Fundamental Highlights

The Pound rises towards the 1.3220 resistance level as optimism regarding Brexit remains in place. Several British Ministers have hinted that they will back up May's Brexit plan if she reaches an agreement with the EU to amend the Irish backstop clause. For today, the focus will remain on any news or announcements related to Brexit.

Technical Analysis

The Pound rises and stagnates at the 1.3220 resistance level. If optimism surrounding the Brexit outcome continues, then the pair will break the upper end of the current resistance level and expose the next key resistance level at 1.3300. Note that momentum is strongly bullish as the pair has recently broke above the 200-period moving average.

Support: 1.3102/ 1.3085
Resistance: 1.3232 / 1.3300