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GBP / USD is holding above 1.33

The GBP / USD pair is trading with a moderate decline in the first half of the day. Brexit uncertainty continues to put pressure on the currency pair.

 

Negotiations between the UK and the EU are ongoing. The parties note some progress, but it is not enough to conclude a trade agreement. Problems in the field of fishing and a number of other issues remain unresolved.

 

Boris Johnson said on Monday night that the UK completely ruled out the possibility of extending negotiations to 2021. He noted that the negotiations will continue until the last day, but they will not be extended if the parties fail to reach an agreement on time. The UK is already implementing measures to mitigate the impact of Brexit without a trade agreement.

 

It is obvious that now the negotiations between the UK and the EU are at the final stage and all the attention of investors will be riveted on this event. The dynamics of the movement of the GBP / USD pair will be completely determined by the flow of incoming news about the course of trade negotiations.

 

On the chart, buyers hit local resistance at 1.3375. We are waiting for the price rollback to the support at 1.3300 from where the upward movement can be resumed.

 

  • Resistance levels: 1.3375, 1.3440, 1.3500;

 

  • Support levels: 1.3300, 1.3215, 1.3110.

 

The main scenario is a rollback to 1.3300 and growth to 1.3440.

 

An alternative scenario is a breakdown of the support at 1.3300 and a fall to 1.3215.

 

The current fundamental outlook is moderately negative. We consider longs with very moderate risks from the level of 1.3300.

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