GBPUSD Towards 1.27000 ahead of UK CPI
Ahead of UK CPI data today, GBPUSD headed North, rising towards 1.27000.
Brexit angst is set to idle through the Christmas holidays, but UK Prime Minister Theresa May will be seeing a hefty January to kick off 2019. May’s Brexit proposal will finally be brought to heel on a parliamentary vote after May’s camp pulled the divorce arrangement from an initial vote when they realized they didn’t stand a chance of winning, and PM May’s camp is looking to wind down the clock on Brexit, giving ‘nay’ voters no time to angle for an alternative plan should May’s much-despised withdrawal proposal fail in the House of Commons. Mrs May’s bull-nosed strategy saw the last straw break for the opposition Labor party, with Labor leader Jeremy Corbyn calling for a parliamentary no-vote in Theresa May’s government, which is also set to go down in January.
The upside is full of resistances with major technical levels and Brexit headlines both weighing on the GBP.
Ahead of FOMC, Cable may test 1.27600 resistance if the UK CPI comes above the expectations. 1.127200 is the key resistance and a daily closing above 1.27200 would take the pair out of descending channel on the smaller chart timeframes.
On one side Brexit adding weights on GBP, on the other side a possible “data dependent” FED Monetary Policy expectations… GBPUSD remains heavily bearish with plenty of resistance as :
1.27200 SMA 20 Daily 1.27700 EMA 200 H4 1.28200 EMA 50 Daily
As mentioned in my EURUSD FORECAST,
I am out of the game until the FOMC Statement announcement.
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