- GBP/USD rally breaks key level
- PM May receives support from DUP
- World Economic Forum Annual Meetings Day 3
Price Movement
Since yesterday, GBP/USD moved downwards before a strong rally, moving up by more than 100pips.
Trend
GBP/USD is trending upwards.
Macro Background
No major economic data release.
Important Issue
GBP/USD responded bullishly upon hearing that Northern Ireland’s Democratic Unionist Party (DUP) agreed to support Prime Minister May’s Plan B Brexit deal if it includes a clear time-limit to the Irish backstop.
Day 3 of the World Economic Forum annual meeting. Comments made by highly influential figures may cause market volatility.
Technical
With DUP’s support on PM May’s Plan B, GBP/USD shot up and broke the 1.31 key level.
Price Levels
Current Price: 1.31169
Next Resistance: 1.31658
Next Support: 1.30000