January 29, OctaFX – The British pound is trading cautiously against the US dollar on Tuesday, as traders await today’s key vote on Theresa May’s new deal Brexit plan in UK Parliament.
The 1.3130 level is now key intraday support and has so far been defended by sterling dip-buyers. If we see PM May’s deal rejected later today, the GBPUSD pair is likely to test the pivotal 1.3090 level, if the plan is approved the GBPUSD pair could soar towards the 1.3295 level.
GBPUSD Technical Outlook
- The GBPUSD pair is only bearish while trading below the 1.3130 level, key technical support is found at the 1.3090 and 1.3000 levels
- If the GBPUSD pair trades above the 1.3130 level, key resistance is found at the 1.3210 and 1.3295 levels.
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