Not Serious Yet With Brexit Turmoil? See This GBP / USD Analysis

 The US dollar moved slowly in early trading this week as investors are still waiting for a clearer signal of the development of the US economic stimulus package with uncertainty.

Switching to the most 'turbulent' currency last week, the Pound Sterling with the Brexit issue, is still the main driver of the currency.

Although last Friday's European session saw a rise in the Pound after there were reports that Brexit negotiations would continue, the Pound slumped again until the New York trade session following UK Prime Minister Boris Johnson signaling to be ready for a UK withdrawal without an agreement with the European Union (EU). ).

Investors will be wary of Pound trading this week after witnessing volatile price movements earlier.

Examining the price chart for the GBP / USD pair, the price remained below the level of 1.30000 at the end of last week and also failed to pass the Moving Average 50 (MA50) barrier level on the movement in the 1 hour time frame.

However, the decline is still seen failing to support the 1.28500 support level before closing last week's trade around the 1.29000 level in the RBS (resistance become support) zone.

Starting trading this week saw the price move up as soon as the Asian session started, but the MA50 barrier level became an obstacle for the price to continue to higher levels.

If the decline occurs again, the price will re-test the RBS zone in the price range of 1.29000-1.28500.

A lower decline past the zone will lead to the next RBS zone at 1.27600 before reaching the support zone around 1.27600.

However, if the price remains bullish, the nearest resistance level that will be the focus is at 1.30000 in the SBR zone (support become resistance).

Next week's high level around resistance 1.30700 will be tested again.