FxWirePro: GBP/USD rallies above 1.2350 after May speech, scope for further upside
The GBP/USD pair rose on Tuesday as sterling was boosted after Prime Minister Theresa May promised a parliamentary vote on Britain's deal to leave the EU and said it would seek to stay a key European partner. May said sh…
The GBP/USD pair rose on Tuesday as sterling was boosted after Prime Minister Theresa May promised a parliamentary vote on Britain's deal to leave the EU and said it would seek to stay a key European partner.
May said she wanted to avoid a "disruptive cliff edge" for businesses when Britain leaves the European Union and backed a phasing-in of changes in immigration, customs and regulation in areas such as financial services.
Further downside for this is expected to be limited as the pair finds strong support at 1.2249 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, immediate resistance can be seen at 1.2388, a break above this level would expose the pair towards next resistance level at 1.2432.
To the downside, immediate support can be seen 1.2352, a break below at this level will open the door towards next level at 1.2300.
