GBP/USD Technical Analysis: Retakes 1.3100 mark and beyond ahead of the crucial Brexit vote

   “¢   The pair stalled its sharp intraday downfall near the very important 200-day SMA and staged a remarkable recovery of around 130-140 pips from the key 1.30 psychological mark.  

   “¢   The pair’s resilience near the mentioned support clearly points to traders reluctant to place any aggressive bets ahead of the crucial vote on May’s amended withdrawal agreement.

   “¢   The mentioned support coincides with a short-term ascending trend-line – extending from early-Jan./mid-Feb. swing lows, and should continue to act as a tough nut to crack for bears.

   “¢   Hence, it would be prudent to wait for a convincing break through the mentioned support before traders start positioning aggressively for a further near-term depreciating move.

   “¢   A sustained weakness below the said handle is likely to accelerate the fall further towards the 1.2900 round figure mark before the pair eventually slides further towards the 1.2800 handle.

   “¢   Meanwhile, technical indicators on 4-hourly/daily charts maintained their bullish bias, through bulls are likely to wait for a convincing break through the 1.3285-90 horizontal resistance.  

GBP/USD daily chart