- GBP/USD moving towards support level
- No Brexit deal yet
Price Movement
Since yesterday, GBP/USD moved up by around 60pips before coming back down by around 60pips.
Trend
Overall, GBP/USD is trending downwards.
Important Issue
Last night, UK officials said that getting a Brexit deal next week is unlikely as the UK is far from getting what it needs on the Backstop.
Furthermore, the European Union will not be giving the final text of new legal declaration to British Prime Minister Theresa May before February 28th. The EU also mentioned that the formal text may be agreed in mid-March and to be approved during the EU leaders summit that is taking place on March 21st and 22nd.
Technical
GBP/USD is currently moving towards the support level of 1.30000.
Price Levels
Current Price: 1.30340
Next Resistance: 1.31675
Next Support: 1.30000
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