GBP/USD rallies to fresh session tops, around mid-1.3200s but lacks follow-through

Haresh Menghani FXStreet

• News of a possible MV3 on Tuesday triggers a fresh leg of an upsurge on Monday.
• Renewed USD selling bias provides an additional boost and remained supportive.

The GBP/USD pair rallied around 80-85 pips and refreshed session tops, around mid-1.3200s in the last hour, albeit lacked any strong follow-through.

Having touched a session low level of 1.3160, the pair witnessed a sudden intraday turnaround in reaction to news that the UK PM Theresa May will push ahead with MV3 on Tuesday, though was immediately denied by official sources and thus, kept a lid on any further up-move.

Meanwhile, speculations that May might still struggle to pass the relevant legislation through the parliament further collaborated towards capping the intraday positive move. Hence, the key focus will be on Tuesday's possible vote and only after that she will consider indicative votes.

With the incoming Brexit headlines turning out to be an exclusive driver of the sentiment surrounding the British Pound, a follow-through up-move, towards reclaiming the 1.3300 handle, now looks a distinct possibility amid some renewed US Dollar selling bias and absent relevant market moving economic releases.

Technical levels to watch

GBP/USD

Overview
Today last price	1.323
Today Daily Change	0.0020
Today Daily Change %	0.15
Today daily open	1.321

Trends
Daily SMA20	1.3194
Daily SMA50	1.3067
Daily SMA100	1.2917
Daily SMA200	1.2979

Levels
Previous Daily High	1.3224
Previous Daily Low	1.3081
Previous Weekly High	1.3312
Previous Weekly Low	1.3003
Previous Monthly High	1.3351
Previous Monthly Low	1.2773
Daily Fibonacci 38.2%	1.3169
Daily Fibonacci 61.8%	1.3136
Daily Pivot Point S1	1.3119
Daily Pivot Point S2	1.3028
Daily Pivot Point S3	1.2976
Daily Pivot Point R1	1.3262
Daily Pivot Point R2	1.3314
Daily Pivot Point R3	1.3405

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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