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GBPUSD price drops following UK Parliament vote

OctaFx | Mar. 26, 2019
GBPUSD price drops following UK Parliament vote

GBPUSD price is coming back under selling pressure against the US dollar after finding strong technical resistance from the 1.3245 level on Monday.

March 26, OctaFX – Sterling remained relatively stable during overnight trading after the UK Parliament voted to take control of Brexit from Theresa May. In the vote yesterday, the government lost by 329 to 302, which is an indication of how difficult it is for a vote to pass before the deadline.

In addition, three cabinet ministers voted against the government and resigned. The new vote gives hope to some pro-EU members, who remain confident that the government will negotiate a deal that leaves the UK closely aligned with the EU.

GBPUSD technical analysis

If GBPUSD sellers can breach the 1.3100 support level, the key 1.3000 level may once again come into focus. Brexit news and moves in the US bond market are currently the main intraday drivers for the GBPUSD pair.

  • The GBPUSD pair is intraday bearish while trading below the 1.3100 level, key technical support is found at the 1.3000 and 1.2970 levels

  • If the GBPUSD pair trades above the 1.3100 level, buyers may test towards the 1.3205 and 1.3245 resistance levels.

GBPUSD price

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.