GBP/USD Daily Analysis 28-11-2018

The British pound fell during the US session, its lowest since November 15, when it achieved its worst daily performance since the announcement of the outcome of the British exit referendum from the European Union on June 24, 2016 against the US dollar amid the scarcity Economic data by the British Royal economy following the economic developments and data that followed Tuesday on the US economy.

Today, at the opening of the Asian session, the pair rose against the US dollar 0.8% to levels of 1.2746 compared to the levels of the opening 1.2738.

British Prime Minister Teresa Mae said Britain would have an independent trade and freedom of talks with the world's countries on future trade agreements, saying that it had already talked to the United States about the shape of future trade, adding that if the recent agreement As for its orderly departure from the European Union within the British Parliament, this will lead to further division and uncertainty.

Mae's remarks came hours after British Prime Minister James Slack's spokesman said the final declaration signed between Britain and the EU was clear that the United Kingdom had the right to sign any trade agreements with any country, The basis for an ambitious trade agreement between his country and America, adding that there are no plans for a bilateral meeting between May and Trump on the sidelines of the G20.

Slack also noted that the British Parliament will vote on the British exit agreement from the European Union on December 11, and that some of the report mentioned earlier today that the government coordinator Julian Smith sent a letter to the members of Parliament and that it is scheduled to take Discussions of members of the British Parliament for that order 5 days starting from the fourth next month.

On the other hand, US President Donald Trump said earlier today that the signing of the British exit agreement from the European Union will benefit the European Union, adding that it may be a good agreement for the Union, adding that it could destroy the ability of the United Kingdom to trade with his country, Britain will not be able to establish a business relationship with America, and it will not want it at all and this is a very negative point in the current agreement.

Technical Analysis

The GBPUSD traded with a strong bearishness yesterday after confirming the breach of 1.2800, on its way to achieve our negative target at 1.2636, supported by stochastic negativity and SMA 50.

Therefore, we are waiting for further downside during the coming sessions provided stability below 1.2800, with the need to control the price at the target level, as the break will cause an extension of the low price in the medium term to 1.2500 as the next main station.

The trading range for today is expected among 1.2640 support and 1.2800 resistance.

Support and resistance:

Support: 1.2698-1.2661-1.2574

Resistance: 1.2773-1.2843-1.2894

The general trend for today is bearish.

Author: Maher Maarouf