GBP/USD picks up bids, regains 1.2450 ahead of UK Supreme Court
GBP/USD advances through 1.2450 amid Brexit pessimism The EU-UK leaders conveyed “no breakthrough” at UNGA. UK Supreme Court to decide whether the UK PM acted unlawfully on the Parliament suspension.
1. Technical Overview
Not only 10-day simple moving average (SMA) level of 1.2442, recent high close to 1.2583 also offer strong upside barrier to the pair, which in turn increases the importance of 1.2385/80 horizontal support and 50-DMA level around 1.2280/75.
2. Fundamental Overview
With the absence of any Brexit-positive headlines, the GBP/USD pair remains on the back foot while trading near 1.2430 ahead of the key London open on Tuesday.
Despite handling over the “non-papers” for the Irish backstop alternatives, the United Kingdom (UK) is still far from pleasing the European Union (EU) leaders as the recent Brexit discussions between European Commission President Jean Claude Juncker and the UK Prime Minister (PM) Boris Johnson, at the United Nations General Assembly (UNGA), failed to deliver any breakthrough.
The Cable sellers were also pleased to know the Opposition Labour party leader Jeremy Corbyn’s victory at the party’s annual conference. Mr. Corbyn recently risked his position by proposing a motion that will not oppose the Brexit.
1. Technical Overview
Not only 10-day simple moving average (SMA) level of 1.2442, recent high close to 1.2583 also offer strong upside barrier to the pair, which in turn increases the importance of 1.2385/80 horizontal support and 50-DMA level around 1.2280/75.
2. Fundamental Overview
With the absence of any Brexit-positive headlines, the GBP/USD pair remains on the back foot while trading near 1.2430 ahead of the key London open on Tuesday.
Despite handling over the “non-papers” for the Irish backstop alternatives, the United Kingdom (UK) is still far from pleasing the European Union (EU) leaders as the recent Brexit discussions between European Commission President Jean Claude Juncker and the UK Prime Minister (PM) Boris Johnson, at the United Nations General Assembly (UNGA), failed to deliver any breakthrough.
The Cable sellers were also pleased to know the Opposition Labour party leader Jeremy Corbyn’s victory at the party’s annual conference. Mr. Corbyn recently risked his position by proposing a motion that will not oppose the Brexit.
