The pound got temporally support

14 November, 2016

The pound got temporally support from some UK politicians who would vote against Brexit unless new referendum on leaving the EU is held.

Current situation

The GBP/USD pair opened on a positive note on Friday. The pound was stronger trending upwards during the day. After a brief consolidation phase in the Asian session buyers continued pushing the sterling higher. They broke 1.2600 and approached 1.2700 post-European open. Buyers were unable to lead prices further, the pair turned around and retreated from fresh session highs. The sterling broke the 200-EMA which has been limited its growth attempts for a week. The 200-EMA remained neutral while the 50 and 100 EMAs are turning upwards in the 4 hours chart.  The current resistance is seen at 1.2700, the support is at 1.2600.

Technical indicators retained bullish signals. The MACD histogram grew which indicates the buyers’ strength. The RSI indicator continued consolidating within overbought levels.

Trading recommendations

A break above 1.2500 eased the current downward pressure. The market will remain in bulls' hands until it stays above the mentioned level. The level 1.2700 will be next in our focus. If buyers fail to hold onto gains the pair may return into its previous range 1.2500 - 1.2400.


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