GBPUSD Analysis 15.11.2018

The British pound rose on Thursday after reports that British Prime Minister Theresa May had received support from her ministry for Britain's exit deal, Brexit.

The deal will keep the UK within the EU customs union for an unspecified period and include a 21-month transition period after leaving the UK in March next year, according to the BBC.

Today, in the Asian session, GBPUSD rose to 1.3023 compared to the opening at 1.2982, after reaching a high of 1. 3023, while reaching a low of 1.2978

Markets are looking ahead to the release of retail sales, which is expected to show a growth of 0.2% after reading previous -0.8%

Technical analysis:

The pair returned to the dollar to settle above 1.2962 after trying to break it yesterday, keeping the bullish scenario intact so far, with the next key target at 1.3226.

Moving above SMA 50 supports the expected rally, while breaking 1.2962 will press the price to achieve negative targets starting at 1.2800.

While the Stochastic is still pointing upwards and heading towards the overbought area.

The trading range for today is expected among 1.2900 support and 1.3100 support.

Support and resistance:

Support: 1.300-1.2960-1.2930-1.2875;

Resistance: 1.3070-1.3100-1.3170.

The general trend for today is bullish.