The British pound continues to trade below the 1.2900 level against the US dollar, despite a strong technical rebound from the 1.2826 level on Monday. What is next? Gain insight into today's GBPUSD technical outlook.
November 13, OctaFX – Yesterday, sterling dropped sharply as traders continued to fret about Brexit. Today, traders will continue to focus on any news relating to Brexit as time runs out for Theresa May.
UK Wage & Job Data in Focus
There are concerns that even if a deal is made with the EU, the Prime Minister will not be able to marshal the support of her party, with a good number of her Conservative members remaining opposed to the Chequers plan.
Today, traders will also focus on employment numbers from the UK. Wages plus bonus are expected to rise by 3%.
GBPUSD Technical Outlook
The GBPUSD pair moved up slightly to an intraday high of 1.2880. On the 30-minute chart, the pair’s 15-day EMA is crossing the 30-day EMA, which is a bullish signal.
The RSI is at 63 and moving up, which is a bullish signal while the Bull’s Power indicator is rising too. The pair is likely to continue moving up in the short term and is likely to reach 1.2900, which is an important resistance level. However, this upward movement could be short-lived.
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