GBP/USD: levels to trade
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
Important day for GBP/USD
Trade ideas
SELL 1.3130; TP1 1.3080; TP2 1.3020; SL 1.3145
BUY 1.3235; TP1 1.33; TP2 1.34; SL 1.3215
There can be no doubt that a spike in volatility awaits the British pound today: the UK parliament will vote on Brexit.
GBP/USD has made big progress last week. The weekly pivot point lies at 1.3080: buyers will dominate as long as the pair’s trading above that point. However, on W1 the pound has reached resistance of the declining 50-week MA at 1.3220. On H4 and D1 we see that the price went rather far away from the moving averages. All of these points at the significant risk of a correction. The decline below 1.3135 will open the way down to 1.3080 and probably even 1.3015. Only above 1.3230 we will target 1.33 and 1.3425.
Elizabeth Belugina
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