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GBPUSD Eyes the Support at 1.2272

EURGBP
EURGBP

GBPUSD trades 0.10% lower at 1.2331 after yesterdays slide from 1.25 after the UK Supreme Court ruled against the UK government’s suspension of parliament.

GBPUSD technical outlook is bearish for the short term as the pair trade below the 100 and 200-day moving average. GBPUSD had an impressive move from 1.1957 low in August to 1.2580 high in September. On the 30 minutes chart the GBPUSD has trigger the Head and Shoulders pattern with negative implications that might drive the price down to 1.2262. On the downside, first support for GBPUSD stands at 1.2322 today’s low, while more bids will emerge at 1.2272 the 50-day moving average.

On the upside, immediate resistance stands at 1.2379 the daily high more offers will be met at 1.2461 the 100-day moving average and then at key 1.2503 barrier where the pair rejected several times.