GBPUSD trades 0.93% lower at 1.2378 as MPs were set to reconvene today after the Supreme Court ruled PM Boris Johnson’s decision to prorogue parliament was unlawful. GBPUSD received a boost yesterday after the UK Supreme Court ruled against the UK government’s suspension of parliament. You can read more in GBPJPY Spikes on Supreme Court Ruling Prorogation Unlawful, by Alejandro Zambrano.
The pair rejected today above 1.25 at the 100-day moving average and retreats to session lows. GBPUSD had an impressive move from 1.1957 in August to 1.2580 in September. The short term technical outlook is bearish now as the pair breached below the 100-day moving average. On the 30 minutes chart the pair is about to 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 1.2371 today’s low, while more bids will emerge at 1.2273 the 50-day moving average. On the upside now first resistance stands for GBPUSD stands at 1.2468 the 100-day moving average and then at 1.2503 the daily high.