GBPUSD Analysis 29.01.2019

The British pound continues its move against the US dollar on the upward trend it has started since the beginning of this year as the British parliament votes on British Prime Minister Teresa Mae's revised plan to get out of the European Union. And on the eve of developments and economic data expected Tuesday by the US economy, which includes the launch of the meeting of the Federal Committee in Washington.

At 04:56 GMT, the pair rose 0.06% to levels of 1.3157 compared to the opening at 1.3150 after the pair reached a high of 1.3159 and a low of 1.3139.

The markets are currently looking for the US economy to release the consumer confidence index, which may reflect the contraction of the widening to 124.6 vs 128.1 last month, as attention is drawn to the launch of the meeting of the Federal Open Market Committee today and tomorrow Wednesday in Washington, which is expected to be maintained through it On interest rates at between 2.25% and 2.50% and move forward in reducing bond buybacks.

Technical Analysis

GBP / USD found strong resistance at 1.3226, forcing the pair to offer negative trading to settle around 1.3150 now. As we mentioned yesterday, the price needs to stabilize above 1.3126 so the bullish scenario remains valid for the coming period awaiting the breach of the mentioned resistance to confirm the extension of the bullish wave About 1.3363 as a next stop.

Keep in mind that a break of 1.3126 will press the price to test 1.2962 areas mainly before any new attempt to rise.

The trading range for today is expected among 1.3080 support and 1.3250 support

Support and resistance:

Support: 1.3105-1.3080-1.2970

Resistance: 1.3150-1.3250

The general trend for today is bullish