GBPUSD Analysis 16.11.2018

The British pound fell nearly two percent during the US session to its lowest since October 31 against the US dollar following developments and economic data followed Thursday by the British economy and the US economy, which included the resignation of the Minister of the British exit from the European Union Dominique Rab Of the government of Prime Minister Teresa Mae in protest against the draft agreement to leave the country from the Union followed by a series of resignations within the government and the ruling Conservative Party.

At 18:33 GMT, the GBPUSD fell 0.53% to 1.2908 compared to the opening levels at 1.2978 after the pair reached a low of 1.2882 and a high of 1.3036.

The UK Retail Sales report showed a 0.5% increase from 0.4% last September, above expectations of a 0.2% rise. The core reading of the same index excluding car fuel also showed a 0.4% drop compared to 0.3%. In September, also in contrast to expectations of a 0.2% rise.

In the same vein, the annual retail sales index showed growth slowing to 2.2% from 3.3% in the previous annual reading for September, below expectations of 2.8%. The core annual reading of the same index showed that growth slowed to 2.7% versus 3.6% Previous year for September, also below expectations at 3.4%.

Otherwise, we have followed some of the report that British Prime Minister Theresa May will hold a press conference later today and has not disclosed what her speech may contain, amid expectations that he might touch upon the draft of the UK exit agreement from the Union, which has received widespread criticism within Parliament British Prime Minister Tony Blair and British Prime Minister Tony Blair.

Technical Analysis

The pair ended yesterday's trading below 1.2800, putting the price under more negative pressure expected in the coming sessions, targeting 1.2636 as the next major stop.

Therefore, the bearishness will be likely to be supported today by the SMA 50 and the ideal arragment of the moving averages of 7-20-50, unless the price breaks to breach the level of 1.2962 and stability above it.

Stochastic is trading in the oversold area and gives a bearish signal in preparation for the exit this area

The trading range for today is expected among 1.2680 support and 1.2850 resistance

Support and resistance:

Support: 1.2746-1.2696-1.2636

Resistance: 1.2812-1.2875-1.2935-1.2975

The general trend for today is bearish