GBPUSD Correction Continues from Five-month Highs

Published by
Written By: Nikolas Papas
Share
    Summary:
  • GBPUSD continues south for the second day after PM Boris Johnson is expected to propose general election by December 12th to break Brexit deadlock

GBPUSD continues south for the second day after PM Boris Johnson is expected to propose general election by December 12th to break Brexit deadlock. European Union officials said they wanted more clarification from United Kingdom before agreeing on extension. Mixed headlines crossing the wires around the Brexit deal increases Pound volatility. In US Durable goods orders fell more than expected in September while shipments also declined, in a warning sign that business investment remains weak.

Download our GPUSD Q4 Outlook Today!

[vc_single_image image=”14654″ img_size=”medium” alignment=”center” style=”vc_box_rounded” >

On the downside, the first support level for GBPUSD stands at 1.2822 the daily low and then at 1.2713 the 200-day moving average. The critical level for the short term momentum is 1.29; a convincing move above will attract more bulls, while a failure at that level might signal profit-taking.

Written By: Nikolas Papas

Technical analyst of forex, stock market indices and commoditiesTechnical analyst of forex, stock market indices and commodities Skills: Technical Analysis · forex · Stocks · Crypto · Writing

Published by
Written By: Nikolas Papas