GBP/USD in 2018 lows near 1.3150 ahead of key vote

Cable is prolonging the breach of the 1.3100 support.
The Sterling remains under pressure on Brexit woes.
Cable will stay vigilant on EU withdrawal bill vote due later.

Pablo Piovano FXStreet

The British Pound remains under pressure on Wednesday and is dragging GBP/USD to the area of 1.3160, where it is looking to consolidate ahead of a key vote in the UK Parliament.

GBP/USD weaker on Brexit woes

Cable is down for the third session in a row today, prolonging the recent break below the critical support at 1.3200 the figure and paving the way at the same time for a potential visit to the 1.3040 region, or November 2017 lows.

GBP remains under heavy selling pressure this week amidst USD-strength, a recent pick up in Brexit concerns and persistent uncertainty around May’s government.

In fact, the US Dollar is hovering over the area of 11-month peaks beyond the 95.00 milestone against the backdrop of rising effervescence on the US-China trade front.

In the same line, GBP is suffering the lack of progress in the Brexit negotiations, while unease is growing among investors ahead of the key vote on the EU withdrawal bill in the UK Parliament, due later in the day.

GBP/USD levels to consider

As of writing, the pair is retreating 0.17% at 1.3153 and a break below 1.3100 (psychological level) would expose 1.3039 (monthly low Nov.3 2017) and finally 1.3027 (monthly low Oct.6 2017). On the upside, the next resistance emerges at 1.3205 (low May 29) seconded by 1.3308 (10-day sma) and then 1.3320 (21-day sma).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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