Brexit uncertainty continues to weight in on the Pound, there are might be consolidation but the bearish potential remains strong, my target remains in sight.
The British pound rose against the US dollar on Friday. By the close of US trading, GBP / USD was trading at 1.2831, adding 0.11%. I believe that support is now at around 1.2778, the low of Friday's trading, and resistance is likely to be the level of 1.3092 - a maximum of Monday.
GBP/Usd is consolidating around 1.28 level while the pair remains strongly bearish. Immediate support 1.2775 is critical, break below would lead to further downward movements.
GBP/USD: The pair is approaching August low minimums - 1.2660. It could be a deep test of the strong 1.2700 support. If it manages to break it, it would be a sign that the Empire is going back to the panics.
The pair took a sharp reversal up today, but upside seems capped under 1.2800 level. 1.28 is a critical resistance level, as long as the pair has been kept below this level, the bearish trend would be still intact.
The pair has gained more than 250 pips and now trading above 1.30 level after the news about PM May struck a deal with the EU on financial services. GBP/Usd is consolidating its gains but there is no indication of changing direction, next target is expected to be at 1.31 level.
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