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GBPUSD Evaluation: Bullish Momentum Constructing as No-Deal Brexit Dangers Recede

GBP Worth Evaluation and Speaking Factors:

GBP Supported on Potential DUP Backing

Receding No-Deal Brexit Dangers to Maintain GBP Bullish

See our quarterly GBP forecast to study what will drive costs all through Q1.

GBP Shoots Larger Amid Reviews of Potential DUP Backing

In a single day, GBPUSD noticed a delayed response, rising from 1.3070 to 1.3127, amid UK press studies suggesting that the DUP celebration had privately agreed to help Theresa Might’s Plan B Brexit, if it features a clear time-limit to the Irish backstop. Nevertheless, with EU’s Barnier lately stating that the EU wouldn’t present a time-limit on the Irish backstop, the preliminary good points have been light, with GBPUSD tripping again beneath 1.31.

Receding No-Deal Brexit Dangers to Underpin GBP

Given the more and more probability that Article 50 might be prolonged, no-deal Brexit dangers have receded, with the view that an extension may result in a softer Brexit. Consequently, this prospect continues to maintain the Pound supported, regardless of the continuing stalemate in authorities concerning the passing of PM Might’s Brexit plan. GBP bulls to seek out worth on dips beneath 1.30.

GBPUSD PRICE CHART: Every day Time-Body (Mar 2018 – Jan 2019)

GBPUSD Analysis: Bullish Momentum Building as No-Deal Brexit Risks Recede

Chart by IG

Resistance at 1.3170 has held for now, which represents the 38.2% Fibonacci retracement of the drop from 1.4377-1.2435. A breach above 1.13170 opens up a run in the direction of 1.34. Nevertheless, a contemporary impetus within the type of an official announcement concerning the extension to Article 50 is required.

GBP TRADING RESOURCES:

— Written by Justin McQueen, Market Analyst

To contact Justin, e mail him at Justin.mcqueen@ig.com

Comply with Justin on Twitter @JMcQueenFX


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