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GBPUSD analysis - British pound rises sharply after a no-deal Brexit

OctaFx | Jul. 19, 2019
GBPUSD analysis - British pound rises sharply after a no-deal Brexit

19 July 2019, OctaFX – Sterling rose sharply in the American and Asian sessions after the members of parliament passed a maneuver to avoid leaving the European Union without a deal. The chief EU negotiator, Michel Barnier also signaled that the EU was open to alternative arrangements at the Irish border.

The maneuver passed by Parliament will stop Boris Johnson from suspending Parliament in order to force through a no-deal Brexit. The impossible challenge for Johnson will be to pass any legislation in the divided Parliament. Yesterday, the UK announced impressive retail sales data.

GBPUSD technical analysis

The GBPUSD pair rose sharply as parliament tried a maneuver intended to avoid a no-deal Brexit. The pair is now trading at 1.2547, which is close to the highest level since July 15. The price is close to the 50% Fibonacci Retracement level. This price is above the 50-day and 25-day moving averages while the RSI remains at the overbought level of 70. The pair could continue to rally and test the 1.2600 in the next couple of days.

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.

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