FxWirePro: GBP/USD Daily Outlook

GBP/USD chart on Trading View used for analysis

• GBP/USD slips lower from fresh 2-week highs at 1.3085, trades 0.08% lower at 1.3027 at the time of writing.
   
• UK trade secretary Liam Fox, said that there are still a number of Brexit issues that need to be dealt with and it is impossible to say if Brexit deal can be reached this month or next.
   
• Focus now on May's meeting with Cabinet ministers, headlines coming out will influence the GBP price action.
   
• Technical studies are neutral to slightly bullish. Stochs and RSI support upside. We also see a bullish MACD line crossover on signal line.
   
• The major finds stiff resistance at daily cloud and 110-EMA. Break above could see further upside.
   
• On the flipside, retrace below daily cloud will see weakness. Drag till lower Bollinger Band at 1.2691 likely.

Support levels - 1.2960 (nearly converged 5-DMA and 21-EMA), 1.2695 (Oct 30 low)

Resistance levels - 1.3112 (110-EMA), 1.3215 (trendline), 1.3316 (38.2% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.