GBP/USD is under pressure

GBP/USD is under pressure

Information is not investment advice

GBP/USD has been consolidating between 1.3120 and 1.3010. Yesterday the pair broke below the support of the short-term triangle. This level is now providing resistance at 1.3080. The weekly pivot level is also keeping the prices under pressure below 1.3072. The moving averages on H4 are in the bearish position and favor the return of the price to 1.3010 and probably 1.2970.

Fundamentally, the decision to delay Brexit until October 31 may weight on the British pound as it means that the period of uncertainty about Britain’s economic future is extended.

GBPUSD h4.png

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EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

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