GBPUSD Analysis 04.12.2018

The British pound has fluctuated in a tight range to retreat during the US session to see its lowest since the end of October against the US dollar following developments and economic data followed Monday by the British economy and the US economy, which included statements by Prime Minister Theresa Mai About the British exit from the European Union and the members of the Federal Committee in New York.

At the opening of a session for a day the pair rose against the US dollar 0.13% where he opened trading at levels of 1.2722 and achieved a price of 1.2748 or the lowest price of 1.2718

British PMI, which expanded to 53.1 versus 51.1 in September, surpassed expectations at 51.6. Otherwise, British Prime Minister Teresa Mae said she would remain in her position on the UK economy. Over the course of the next two weeks, explaining that there are a huge number of tasks that are working to accomplish it and not just the British exit agreement from the European Union.

May also noted that people call for a second referendum before we do the first referendum, referring to the opposition Labor Party to the convergence plan Nerwing, and hostess let us end the parliamentary referendum on December 11 on the British exit agreement regularly from the European Union, with Exclude a second referendum. It is noteworthy that the convergence plan includes the survival of Britain in the European Economic Zone in the event of the departure of Britain without an agreement from the Union.

Technical analysis:

GBPUSD has attempted to breach the pivotal support level at 1.2730 but is now fluctuating above it, keeping the bullish scenario intact so far, supported by Stochastic moving near oversold areas, mainly targeting 1.2963.

Moving averages are the highest price and push it further downward.

A break of 1.2730 will press the price to test the 1.2636 level initially before deciding the fate of the next short-term destination.

The trading range for today is expected among 1.2660 support and 1.2840 resistance.

Support and resistance:

Support: 1.2730-1.2698-1.2636;

Resistance: 1.2773-1.2843-1.2894.

The expected general trend for today: neutral.