GBPUSD gives up 0.27 percent after Bank of England (BOE) Monetary Policy Committee member Saunders said that a no-deal Brexit would push the Pound lower and UK economy is weak and clearly not overheating. UK’s next prime minister will be announced around 10:45GMT with Boris Johnson the favorite.
GBPUSD moved sharply lower after Saunders comments making new daily low at 1.2433. The short term momentum is negative for the pair as it trades below all major hourly moving averages. On the downside first support can be met at 1.2423 the low from July 18th, while a break below can accelerate the pressure down to 1.2400. On the upside immediate resistance stands at 1.2477 the 100 hours moving average and daily high while more offers will emerge at 1.2490 the 50 hour moving average. Intraday traders can wait for 1.2423 to enter a long position targeting today’s high for profit, a stop order should be also activated at 1.24 round figure.Don’t miss a beat! Follow us on Twitter.