GBPUSD Analysis 13.12.2018

The British Pound rose more than 1% during the US session as it retreated from its lowest level since April 11, 2017 against the US Dollar amid a lack of economic data by the British Royal Economy. Following the developments and economic data that followed Wednesday on the US economy and concurrently with a vote by members of the British parliament on a referendum to withdraw confidence from the government of British Prime Minister Teresa May amid a report that it may receive the support of 158 members against 33 members.

GBPUSD rose 1.23% to 1.2641 compared to the opening levels at 1.2487 after the pair reached a high of 1.2671 and a 20-month low of 1.2478.

We have followed the statements of British Prime Minister Teresa Mai before the British Parliament before a vote of no confidence from her government, which expressed that the holding of early elections at the moment will not be in favor of the United Kingdom as well as the re-vote on Britain's exit from the European Union, The agreement means not to leave the EU, adding that it has made further progress in talks with EU leaders.

The pound sterling rebounded from its lowest level in 20 months with opportunities for May to overcome its challenge following a demand by the British Parliament earlier this week to postpone the vote on a British exit agreement from the European Union. There are talks with EU leaders about concerns about getting out of the EU.

Claims of the resignation of the government followed its failure in the task of exiting the European Union at the time, and some members of Parliament voted for that vote of no confidence.

Mai won the confidence of 200 MPs from the Muhajine party while 117 voted to withhold the vote

On the other hand, we followed the US consumer price index, which showed stability at zero levels in line with expectations compared to 0.3% growth last October, while the core reading of the same index showed a growth stability of 0.2% in line with expectations, and showed reading The index's annual growth slowed to 2.2% in line with expectations versus 2.5% in the previous year's reading.

In the same context, the core annual reading of the consumer price index accelerated growth to 2.2% in line with expectations compared to 2.1% in the previous annual reading for October, and the markets are currently looking forward to the reading of Treasury budget by the US Treasury, which may reflect the widening deficit to Compared with $ 100.5 billion in October.

Technical Analysis

The GBPUSD rallied strongly yesterday to retest 1.2636 again, keeping the daily close below it, keeping the bearish scenario intact so far, and the price needs a negative incentive to push the pair lower again.

In general, we continue to hold the bearishness below stability at 1.2636, noting that our awaited targets start at 1.2500 and extend to 1.2350.

The trading range for today is expected among 1.2500 support and 1.2660 resistance

Support and resistance:

Support: 1.2495-1.2405-1.2350

Resistance: 1.2635-1.2737-1.2894

The general trend for today is bearish