Is the rally began, the pound-dollar exchange rate
GBP/USD rallied on news that the UK Government is unable to trigger Article 50 of the Lisbon Treaty without the approval of Parliament.
if the activists win their case then there is a good chance the Pound would rally as markets tend to be aligned in a pro-EU manner
However, such A rally need to approve ultimately short-lived as the Government would surely challenge the outcome
Break up 1.2460-80 On the upside would target next projection levels at 1.2740 level and even more
On the upside, above 1.3170 minor resistance will possibly extend the consolidation pattern, In the bigger picture, the down trend is still in progress”.
From the other side as long as GBP USD remain Below 1.2210 it will turn bias to the downside for 1.1900 area. Break there will extend the larger down trend. On the upside, break of 1.2460-1.2480 minor resistance intact will suggest short term bottoming and bring rebound
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| GBP/USD ANALYSIS |
Break of 1.3568 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish
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