Looming Brexit has largely weighed on the Pound since the EU Referendum. Nevertheless, ADS Securities analysts see GBPUSD Positive on Intraday.
28 March, ADS Securities – The Pound traded significantly higher in the previous session against the US Dollar as the greenback came under pressure amid rising concerns over the US President Donald Trump’s ability to deliver on a pro-growth economic agenda.
GBPUSD Positive on Intraday
As of now, investors are focusing on the events that will unfold after Prime Minister Theresa May triggers the Article 50 of the Lisbon Treaty to formally launch the Brexit proceedings. On the 1H chart, the pair is trading above its short-term and long-term EMAs, reflecting at a positive technical outlook. Important resistance is located at the 1.2575 level, a surge above which might lead to further positivity in the pair, paving way for the 1.2585 and crucial 1.2600 levels as the next potential upside targets.
However, the MACD indicator is heading downwards, suggesting at likely correction in the short term. Crucial support is positioned at the 1.2560 level, followed by the 1.2550 and 1.2540 levels.
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