GBP/USD analysis: "promising" start to Brexit negotiations
|GBP/USD Current price: 1.2734
The GBP/USD pair started the day with a strong footing, reaching a daily high of 1.2814 after London's opening, but fading gains with early Fed's Dudley speech, later sliding after the official start of Brexit negotiations in Brussels. UK's David Davis and the EU's Michel Barnier hold a joint press conference, full of good intentions, but just an introduction to what's expected to be a long, rough path. Davis highlighted that settling priority issues will build trust on which to negotiate new relationship, while Barnier foreground the constructive approach, saying their off to a promising start. The pair fell down to 1.2722 in the US afternoon, ending the day some pips above the level, still within familiar ranges, but gaining bearish traction short term. In the 4 hours chart, the early advance stalled a few pips below last week's high and the 200 EMA, this last around 1.2820, while technical indicators turned south, and particularly the RSI stands at 44, anticipating some further slides ahead on a break below 1.2705, February's monthly high and the immediate support.
Support levels: 1.2705 1.2665 1.2630
Resistance levels: 1.2760 1.2795 1.2830
View Live Chart for the GBP/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.