GBPUSD Analysis 21.11.2018

The GBP / USD is trading sideways ahead of Wednesday's session, trading near 1.2785 after Tuesday's rally on the broader markets, as well as the revival of the UK's falling-out headlines, Brexit, Gibraltar's Spanish overthrow and the Northern Ireland border issue as the next issue is impossible to solve.

The Brexit meeting is expected to be held at 16:30 GMT.

Between British Prime Minister Teresa Mae and European Commission President Jean-Paul Juncker is scheduled to meet today to discuss the Brexit agreement.

The Sterling Pound opened the day at a slight high where it opened at 1.2845 recording the highest price at 1.2870 and the lowest 1.2739.

Technical analysis:

The GBPUSD traded yesterday with negative resistance to settle below the 1.2800 barrier, reinforcing expectations that the bearishness will continue for the short and medium term, and we believe that the way is open to visit the 1.2636 level which is our next main target.

SMA 50 supports the expected decline, which requires stability to remain below 1.2962. The Stochastic is trading in the overbought area and this increases the chances of a bounce.

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

Support and resistance:

Support: 1.2740-1.2682-1.2613

Resistance: 1.2828-1.2895-1.2970

The general trend for today is bearish.