GBP/USD Latest News
The price action over the last few days have shown some regions of support and resistance on the charts and this will be used by the technical traders going forward in defining their buys and sells. It would be difficult to define those on charts of larger timeframes and thats why it would be better for day traders to focus on the 15M charts to find these areas. Based on this, we can say that there is some resistance at 1.2370 and 1.2440 which should hold the bulls on any move upwards. On the downside, we have support coming in at 1.2300 and 1.2225 and though the pair looks quite weak over the recent past, we believe that the range extremes at 1.2225 and 1.2440 would hold the price moves over the next couple of days.
Fundamentally, the pair continues to look weak with the uncertainty over the process of Brexit continuing to hand over its neck like a sword. Each passing day, we have comments from the UK and the Euro leaders on how they would like the process to be and it can be clearly seen that there is no sync between them about the process. This increases the uncertainty over the future of the UK economy and how the actual process would finally lay out and who would get what and this uncertainty makes the market jittery and that is not good news for GBPUSD. So, we have now switched our view to a bearish one on this pair and we expect some range trading for the short term and then, once the US Fed starts to hike rates, expect some more weakening in this pair. For today, there is no major news to be released from the UK.