Home Forex Market Analysis Forex Signals GBP/USD Bounces off Support – Quick Buy Signal Update!

GBP/USD Bounces off Support – Quick Buy Signal Update!

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The GBP/USD pair was closed at 1.36245 after placing a high of 1.36255 and a low of 1.34888. The British Pound to U.S. Dollar exchange rate climbed to weekly highs as the U.K. Parliament voted for the Brexit trade deal. Barely 24 hours before the U.K.’s final split from the European Union, Prime Minister Boris Johnson’s post-Brexit trade deal won approval from the U.K. Parliament. The agreement earlier crossed the House of Commons with 521 votes in favor of 73 opposing it. The Scottish National Party (SNP) was against the bills while stating that it will harm Scotland’s fishing industry and told PM Johnson that it would bolster the case for independence.

The GBP/USD pair has also violated the resistance level of 1.3617 level, and on the higher side, the next target remains at the 1.3698 level. On the lower side, the GBP/USD pair may find support at the 1.3617 level for now. We can expect a continuation of an upward trend in the Sterling today.

Daily Technical Levels

Support Resistance

1.3456 1.3533

1.3413 1.3567

1.3379 1.3611

Pivot Point: 1.3490


Entry Price – Buy 1.3662

Stop Loss – 1.3622

Take Profit – 1.3702

Risk to Reward – 1:1

Profit & Loss Per Standard Lot = -$400/ +$400

Profit & Loss Per Micro Lot = -$40/ +$40

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