The GBP/USD is struggling with 1.3200, down from near 1.3300 on Thursday. The EU rejected MAy’s Chequers proposal in the Salzburg Summit. The technical picture remains bullish for the pair. The GBP/USD is having a hard time holding onto the round 1.3200 level on Friday. The primary driver is the Salzburg Summit. The markets were quite sanguine on Thursday, but the mood has changed now. The EU’s Donald Tusk and Jena-Claude Juncker rejected the British Government Chequers proposal while UK PM Theresa May insists it is the only solution. The most thorny issue in the Brexit talks remains the Irish border. The outright rejection is a blow to the PM that faces a tough time at the Conservative Party Conference that begins on September 30th. A special EU Summit will likely be called for November 17-18, in addition to a planned one in mid-October. More: The dark side of Barnier’s mood Sterling also enjoyed a beat on UK Retail Sales, which rose in August against expectations for a drop. Today’s UK Public Sector Net Borrowing missed expectations with 5.9 billion pounds. The GBP/USD rallied on Thursday also on the weakness of the US Dollar. The greenback suffered from the sanguine atmosphere in stock markets. While the US imposed tariffs on China early in the week, the 10% tariff, China’s moderate response, and other reasons soothed investors’ worries. The greenback managed to find its feet today. Without any significant economic indicators due later in the day, the focus remains on Brexit. Rumors of a special statement by PM May circulated earlier but were quickly denied by No. 10. Update: May will deliver a statement at 12:45 GMT GBP/USD Technical Analysis The GBP/USD is trading within a relatively steep upwards channel and is now dropping towards the lower end. The pair exited overbought conditions on the Relative Strength Index (four-hour chart), and this may help it stabilize. The 50 and 200 Simple Moving Averages are below the price, providing further support. Update: the channel is lost as May is preparing to deliver a special announcement. 1.3225 offered temporary support on Thursday and almost coincide with the swing high of 1.3215 seen earlier this week. The next level to watch is 1.3300, which is not only a round level but also the peak on Thursday. Further above, 1.3375 held the pair down back in early July. 1.3175 capped the pair earlier this week and served as a support line. It is followed by 1.3100, a round level that was a swing low last week. 1.3045 capped the pair late in August. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Irish PM Varadkar: Think we can have a deal FX Street 4 years The GBP/USD is struggling with 1.3200, down from near 1.3300 on Thursday. The EU rejected MAy's Chequers proposal in the Salzburg Summit. The technical picture remains bullish for the pair. The GBP/USD is having a hard time holding onto the round 1.3200 level on Friday. The primary driver is the Salzburg Summit. The markets were quite sanguine on Thursday, but the mood has changed now. The EU's Donald Tusk and Jena-Claude Juncker rejected the British Government Chequers proposal while UK PM Theresa May insists it is the only solution. The most thorny issue in the Brexit talks remains the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.