- The pound is stable with growing expectations for Brexit.
- GBP / USD bounces near 1.3300 and approaches 1.3400.
The GBP / USD is rising on Friday, erasing losses from the previous two days. It recently climbed to 1.3385, marking a new high for the day. It is trading 1.3375, in positive territory for the day, still within the range of the past six days.
The Pound remains firmly despite the fact that a Brexit agreement has not yet been reached. Negotiators from the United Kingdom and the European Union continue with the talks but the deadline is approaching and there is still no clarity. It is estimated that the date could be extended if there are concrete advances.
The Key support for the GBP / USD rally on Monday is the dollar’s widespread decline in the market. The DXY reached its lowest in more than two years, below 91.70. The decline in the dollar is mostly against the major European currencies and shows mixed results on the other fronts.
Released US data (Chicago PMI and pending home sales) had no impact on the dollar. End-of-month flows may be putting pressure on the greenback.
From a technical point of view, GBP / USD maintains a bullish tone, supported first by the support at 1.3285 and then by the 20-day moving average at 1.3230. To the upside, the rises are still held back by the 1.3400 barrier. A confirmation above would enable a bullish extension, towards 1.3500.
Technical levels
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