Breaking: GBP/USD breaks 1.3000 on Brexit hopes, highest in two months

Yohay Elam FXStreet

The UK Parliament will discuss an amendment to the Brexit bill that will prevent a no-deal Brexit. In addition, the opposition Labour Party is moving in the direction of supporting a second EU Referendum, opening the door to reversing Brexit.

GBP/USD has been on the rise in recent days and made the move above 1.3000. Apart from being a round number, cable trades at the highest levels since mid-November.

Resistance is seen at 1.3070 and 1.3175. Support is around 1.2930 and 1.2850.

Here is the move on the 15-minute chart:

Update: after the initial rush, pound/dollar retreated below the line.

The European Union is waiting for the UK to clarify the next steps on Brexit. There is no willingness to back down from the Irish backstop. However, they are open to a broader customs union.

See: GBP/USD Forecast 2019: Imprisoned by Brexit darkness Sterling is set to chart a check mark

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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