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GBPUSD analysis: British pound loses bullish momentum

GBPUSD analysis: British pound loses bullish momentum

February 21, 2019 | SQUARED DIRECT – The Pound peaked at 1.3108 on Wednesday as market participants were optimistic about the meeting between UK’s PM May and EU’s Juncker. Both leaders agreed that talks have been constructive, urging their respective teams to continue to explore options “in a positive spirit.”

They also agreed to talk again before the end of the month. However, after the meeting, the Sterling fell and closed the day negatively at 1.3050 mainly because there was no concrete final solution, as usual. The UK has a quiet macroeconomic calendar today, with only BOE’s Haldane scheduled to speak.

GBPUSD technical analysis

The Pound attempted to break above 1.3080 yesterday, but the sellers took control later in the session taking the Sterling to the lows of the day. We are waiting for a break to either above 1.3080 (R1) or below 1.30 (S1) for any clear direction.

Support: 1.30 / 1.2930

Resistance: 1.3080 / 1.3140 / 1.32

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