GBPUSD is trading highly volatile on Brexit uncertainties.The pair has halted its more than 120 pips decline from yesterday’s high of 1.31495. UK construction PMI came in line expectations doesn’t have much impact as markets keenly watch updates on Brexit. EU negotiator Michel Barnier said that no deal Brexit is “very likely” and strong justification needed to extend article 50 beyond May 22nd. UK MP’s have rejected all four Brexit alternatives for second time.Two proposal to keep UK in a Customs union with EU rejected by margin of 3 votes,273 to 276. The pair recovered till 1.30752 from intraday low of 1.30238 and is currently trading around 1.30521.
The pair’s near term resistance is around 1.3090 and any violation above will take the pair to next level till 1.3150/1.32007. It should break above 1.3265 for further jump till 1.3300.
The near term support is around 1.3000 any violation below targets 1.2960/1.2900.
It is good to sell on rallies around 1.3200 with SL around 1.3270 for the TP of 1.3000/1.2965.
