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- Despite the uptrend at the end of the week, the cable markets remain tense, the uncertainty of Brexit is lasting.
- The prime minister may have won her vote of no confidence, but her hands remain tied and she has only a few days left to present another Brexit deal.
The GBP / USD is trading just south of the broader 1.3000 range, as sterling sentiment improves as the weekend approaches, with the floating cable close to 1.2980 and staying close to Thursday's closing prices.
The retail sales data is scheduled for Friday morning, they should drop to 09:30 GMT. December annualized retail sales are expected to remain at 3.6%, but clearly intermediate data should attract little attention as markets remain focused on Brexit developments.
Prime Minister Theresa May, having survived a vote of no confidence, still faces a daunting task, with Monday the deadline to produce an alternative Brexit withdrawal agreement, or the Prime Minister might not have another choice to face a Brexit delay despite the strong pressure of his government opposition to such a move. But in the interest of avoiding an economic disaster in the form of a hard Brexit, May's government may not be able to give up an extension of Article 50, and the Brexit wheel should resume slowly after two years. insufficient. no progress, and the sad reality that the Cable is facing could see the GBP slowed down in the long run, but in the meantime, Pound traders are enjoying a much needed rebound at the end of a tough week .
GBP / USD levels to watch
Despite Brexit uncertainties, sterling traders are finally starting to look for more gains and GBP / USD is ready for an upward continuation, according to Valeria Bednarik of FXStreet:
The pair is technically bullish, approaching the 1.3000 key. The 4-hour chart shows that a bullish SMA of 20 continues to provide dynamic intraday support, currently around 1.2870, while the indicator continues to grow above 200 EMA, the latter modest upwards of more than 200 pips below the current level. The RSI indicator in the chart mentioned is approaching oversold levels, while the Momentum is maintaining an upward slope well above its midline, indicating that the progression could continue in future sessions.
Support levels: 1.2930 1.2885 1.2840
Resistance levels: 1.3000 1.3035 1.3080
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