FxWirePro: GBP/USD rallies above 1.2500 but reversal is likely
The GBP/USD pair rose on Tuesday as signs of growing pressure on the government to give parliament a greater say in the final deal to leave the European Union, pulled the pound up from session lows. Pound's gains back to…
The GBP/USD pair rose on Tuesday as signs of growing pressure on the government to give parliament a greater say in the final deal to leave the European Union, pulled the pound up from session lows.
Pound's gains back towards $1.25 from an earlier low of $1.2347 were driven chiefly by junior Brexit minister David Jones in a statement said that parliament would be given a meaningful vote on the deal.
However, further upside is expected to be limited as the pound presents negative tone and is set to resume downward momentum against the dollar.
To the upside, immediate resistance can be seen at 1.2570, a break above this level would expose the pair towards next resistance level at 1.2600.
To the downside, strong support can be seen 1.2461, a break below at this level will open the door towards next level at 1.2328.
