GBP/USD recovers and moves off lows after May speech

Matías Salord FXStreet

The pound dropped across the board during PM May speech from Italy but during the last hour, it recovered part of the losses. GBP/USD bottomed at 1.3485 and then rose back to levels near 1.3570.

At the moment is trading at 1.3520/30, down 45 pips for the day, still within the range of the last five trading days.

Theresa May offered no specific details about the Brexit negotiations. She hinted at the possibility that the UK could leave the EU before March 2019 and proposed a 2 year transition period.

UK PM May: Will be leaving single market, customs union

Technical levels

To the downside, below daily lows attention would turn to the weekly support at 1.3450; below the next levels to consider might lie at 1.3405 (Sep 14 high) and 1.3325. On the flip side, resistance might be seen at 1.3565, 1.3595 (daily high) and 1.3655/60 (weekly high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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