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Technical analysis

British Pounds Moves Slightly Higher to 1.2648

OctaFx | Dec. 18, 2018
British Pounds Moves Slightly Higher to 1.2648

December 18, OctaFX – Sterling moved slightly higher in overnight trading despite increasing Brexit fears. Research by the British Chamber of Commerce showed that the country will have the weakest growth since the last recession.

Brexit Deal

This year, the chamber estimated that the economy will grow by 1.2% before moving up to 1.3% in 2019. This will be the weakest growth since the country emerged from the global financial crisis.

The reason for the soft growth is that businesses have frozen investments ahead of the Brexit vote. This came as Jeremy Corbyn tabled a motion of no-confidence in Theresa May yesterday.

GBPUSD Technical Analysis

The GBPUSD pair moved to a high of 1.2648 as it tried to reach the important resistance level of 1.2670. The current price is slightly below the 25-day EMA. With the trend being driven by low volumes, there is a likelihood that it will not last. Therefore, the price could continue declining as traders continue to worry about the weak growth.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.