GBPUSD Analysis 26.11.2018

The British pound weakened during the US session on Tuesday, the third consecutive weekly loss against the US dollar, amid a slump in economic data by the British economy and following economic developments and data followed by the US economy, the world's largest economy. 

GBPUSD closed down 0.77% to 1.2797 compared to the opening levels at 1.2878 after the pair hit a session low of 1.2796 and a high of 1.2883.

We have followed the statements of British Prime Minister Teresa Mai on the developments of the issue of Britain's exit from the European Union, which he said that if the British Parliament to reject the orderly exit agreement of the United Kingdom from the European Union, there will be more division and uncertainty, Parliament wants to stop the process of getting out of the Union and not go out.

Technical analysis:

GBPUSD continues in the downtrend as it trades around the 1.2800 support level. The moving averages 7-20-50 are pushing the price towards further downside. We wait for an intersection to get the perfect order.

The Stochastic is giving negative signals as it trades in the oversold area .

The trading range for today is among the support at 1.2745 and the resistance at 1.2895.

Support and Resistance:

Support: 1.2800-1.2745-1.2700;

Resistance: 1.2840-1.2865-1.2895.

The general trend of trading is bearish.