GBP/USD is under pressure

GBP/USD is under pressure

Trade idea

SELL 1.3060; TP1 1.3010; TP2 1.2970; SL 1.3075

GBP/USD has been consolidating between 1.3120 and 1.3010. Yesterday the pair broke below the support of the short-term triangle. This level is now providing resistance at 1.3080. The weekly pivot level is also keeping the prices under pressure below 1.3072. The moving averages on H4 are in the bearish position and favor the return of the price to 1.3010 and probably 1.2970.

Fundamentally, the decision to delay Brexit until October 31 may weight on the British pound as it means that the period of uncertainty about Britain’s economic future is extended.

GBPUSD h4.png

Similar

Levels to trade EUR/USD

EUR/USD met resistance in the 1.1415 area. The pair’s advance in the recent days was quite rapid, so it might be hard for the euro to retain the bullish momentum.

NZD/CHF is in a downtrend

NZD/CHF is trading within a downtrend on D1. The currency pair went below 78.6% at 0.6450 and is likely to test levels around 0.6390/70.

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