Wednesday, November 18, 2020

Expectations for Brexit Still Raising GBP / USD Trading

 Positive developments in the Brexit negotiations have again supported the Pound Sterling currency trading this week.

The market is likely to see a negotiation agreement as early as next week by the UK and the European Union (EU) after the negotiation process continues to reach a dead end.

Irish Prime Minister Michael Martin said the UK economy was still not willing to go ahead with a no-deal Brexit situation.

The perennial pound shows an increase in trading this week against the US dollar as shown on the chart of the GBP / USD currency pair.

In overnight trading, you can see the price jumped after testing the support level of 1.32000 and also the support level of the Moving Average 50 (MA50) on the frame of the 1 hour period of price movement.

The bulls hit a high of 1.32700 before leveling off to close out of New York trading.

The bulls that are expected to continue today will also test the resistance zone 1.33000 that was tested last week.

If the price reduction takes effect again, the support level of 1.32000 will again become the foundation.

The slide lower the price will again test the support zone 1.31000 and also around 1.30600.

UK inflation data at the beginning of the European session today will be the foundation of investors which will affect the Pound currency.