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Technical analysis

GBPUSD Analysis: British pound under pressure

Dora Christofi | Feb. 25, 2019
GBPUSD Analysis: British pound under pressure

February 22, 2019 | SQUARED DIRECT -The Pound rose towards the 1.31 mark during yesterday’s session but failed to push higher as Brexit headlines weighed on the GBP. Earlier today, a UK official was quoted saying that getting a Brexit deal by next week was unlikely.

On the other hand, yesterday’s data from the U.S. showed that durable goods orders in December rose less than expected and weekly jobless claims fell more than anticipated. Also, the Markit PMI data came at 53.7 missing analysts' estimate of 54.7.

GBPUSD technical analysis

The Pound attempted to break above 1.3080 for a second consecutive day, but the resistance at that level is still acting very strongly. Currently, there is no clear bias in this market, we need a break to either above 1.3080 (R1) or below 1.30 (S1) to confirm the market’s next move.

Support: 1.30 / 1.2930 / 1.29

Resistance: 1.3080 / 1.3140 / 1.32

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