ADS Securities: GBPUSD Key resistance 1.2455

Brexit trigger yesterday got traders' attention! As for the cable pair, ADS Securities' analysts forecast GBPUSD Key resistance 1.2455. What is your bet?

30 March, ADS Securities –Yesterday, the Pound traded in the red against the US Dollar as the UK Prime Minister triggered Article 50, formally starting the Brexit process.

GBPUSD Key resistance 1.2455

Additionally, mortgage approvals in the UK fell for the first time in six months in February, adding further weakness in the pair. As of now, the pair is trading with a consolidated range, as investors await Britain’s consumer confidence to be released at the end of the day.
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However, the MACD indicator is trading with an upside tone, suggesting at possible recovery in the pair over intraday basis. Immediate resistance is situated at the 1.2455 level, followed by the 1.2465 and 1.2475 levels. A move back above the latter is required to negate further weakness in the pair. Meanwhile, key support aligns at the 1.2430 level, followed by the 1.2420 and 1.2405 levels.

GBPUSD Key resistance 1.2455

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