- December 8, 2017
- Posted by: range
- Category: FOREX, Technical Analysis
During previous trading session the pair initially slipped to support line located at the 1.3338 mark but then suddenly resumed the surge and ended the day at the 50% Fibonacci retracement level.
The drop was based on reports about the action made by Congress aimed to avoid government shutdown, while the surge reflected progress made on the Irish border deal.
As Theresa May heads to Brussels to resume the talks, the Pound is expected to continue appreciating against the Dollar, trying to reach the 1.3550 mark.
However, this upward movement might be quickly stopped in case of disappointing news coming from Belgium’s capital. If this negative scenario materializes a combination of the 55-, 100- and 200-hour SMAs together with the weekly PP are unlikely to keep the bearish pressure.