GBPUSD Analysis 22.11.2018

The British pound and the US economy, the largest economy in the world, have said that British Prime Minister Teresa Mae has warned of the developments in the country's exit from the European Union before meeting with European Commission President John Claude Juncker in Brussels to discuss the draft exit agreement and agree on the final points on the threshold of the final declaration of the agreement.

Today, in the Asian session, the GBPUSD pair rose slightly to 1.2780, compared with the opening levels at 1.2773 after the pair reached a low of 1.2764 and a high of 1.2785.

We followed the RBA reading of the Public Sector Net Borrowing Index, which showed that the surplus widened to £ 8.0 billion from £ 2.0 billion in September, beating expectations that the surplus would widen to £ 5.6 billion, the British Prime Minister Teresa Mae noted that negotiations are continuing on the shape of the future relationship with the EU.

May also said it wants to ensure good trade relations with the European Union and is looking for alternatives to the agreement to leave Britain from the European Union, given the seriousness of the exit from the Union without reaching an agreement, adding that the final agreement will be reached before the meeting of the British Parliament amid the confirmation of her government's quest to reach For an agreement that guaranteed the interests of the British people in the Gibraltar peninsula and they still supported that file.

Technical analysis:

The GBPUSD pair has been trading in a narrow range since yesterday and is trying to resume the bearish trend calmly as the price remains steady below 1.2800. Therefore, there is no change in the expected short and short term downside scenario, with next target at 1.2636. A breach of 1.2800 positive factors will lead the price to visit 1.2962 before any new negative attempt.

The indicators are pressuring the price for further decline as the moving averages are 7-20-50 in an order above the price.

The Stochastic is also showing a bearish cross near the oversold area.

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

Support and resistance:

Support: 1.2680;

Resistance: 1.2810-1.2850-1.2890-1.2945.

The general trend for today is bearish.