The GBP/USD traded higher this morning to 1.3261. The British Pound rose on Tuesday. There are rumors that a UK-EU post Brexit trade deal is imminent, which most traders agree should be bullish for the Pound. There was no economic news on the UK’s Tuesday calendar. In the United States, Core Retail Sales for October printed at 0.2%. Analysts were forecasting an increase of 0.6%. Industrial Production for October rose 1.1%, slightly better than forecast. Business Inventories for September rose 0.7%.
The sterling is trading higher during the Asian session on news that a possible trade agreement between the UK and the EU may be reached as early as the beginning of next week. News regarding Brexit terms and negotiations would continue to influence the pair. In the early hours of today, the GBP/USD is nearing the resistance at 1.3225. If there is a breach, the pair should rally towards the next resistance zone between 1.3273 and 1.3309. If bulls gather enough strength to take over the 1.3309 level, the rally could continue towards the 1.3400-1.3500 levels. First major support for the bulls lies at 1.3170, followed by the one at 1.3117.
Time Frame: 1 hour
|Support & Resistance||Level||Explanation|
|Resistance 2||1.3327||Daily R2|
|Resistance 1||1.3298||Daily R1|
|Support 1||1.3219||Daily S1|
|Support 2||1.3189||Daily S2|
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