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   “¢   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


       Today Last Price:  1.3146
       Today Daily change:  -6  pips
       Today Daily change %:  -0.05%
       Today Daily Open:  1.3152
       Daily SMA20:  1.3073
       Daily SMA50:  1.298
       Daily SMA100:  1.2884
       Daily SMA200:  1.2986
       Previous Daily High:  1.3171
       Previous Daily Low:  1.296
       Previous Weekly High:  1.3269
       Previous Weekly Low:  1.299
       Previous Monthly High:  1.3351
       Previous Monthly Low:  1.2773
       Daily Fibonacci 38.2%:  1.309
       Daily Fibonacci 61.8%:  1.3041
       Daily Pivot Point S1:  1.3018
       Daily Pivot Point S2:  1.2884
       Daily Pivot Point S3:  1.2807
       Daily Pivot Point R1:  1.3229
       Daily Pivot Point R2:  1.3305
       Daily Pivot Point R3:  1.344