The Pound continues to be on the uptrend as the British Parliament session is on hold this month as legislators discuss plans to exit the EU. With the speech of Governor Mark Carney of the Bank of England tonight evening
Elsewhere, markets are looking for the outcome of the FOMC meeting in Washington on 29-30 of this month amid expectations that the committee, led by Federal Reserve Governor Jerome Powell, will remain on the federal funds rate between 2.25% and 2.50% Raised four times last year, as the move to cut back on government bond purchases and mortgage bonds by $ 50 billion a month.
Technical Analysis
GBPUSD succeeded in reaching our main target at 1.3226 and is now nearing it. The road looks open to further upside in the coming period supported by SMA 50, noting that a breach of this level will extend the upside wave to 1.3363 as the next major station.
Therefore, we will keep our bullish outlook intact, keeping in mind that a break of 1.3126 will push the price down towards 1.3024 areas and could extend to 1.2962 before any new attempt to rise.
The trading range for today is among the key support at 1.3126 and resistance at 1.3300
Support and resistance:
Support: 1.3105-1.2969-1.2876
Resistance: 1.3220-1.3250
The general trend for today is bullish