Brexit negotiations don't go anywhere but does not stop the GBPUSD from moving to a NY session high
The Brexit talks between Johnson/von der Leyen did not go anywhere, but that did not stop the GBPUSD from running back to the upside, after a run to the downside first stalled at support.
That support is no surprise as I have been highlighting the 1.3283-912 area as a support level since earlier in the day.
Admittedly, the price action since that early post has had it's share of up and down price action, but it ended up holding support on two separate tests in the NY session. The last test )seen in the last hourly bar) has seen the price shoot back higher, and run through the 200 hour MA and 50% retracement at 1.33777 and 1.33807 respectively. The run above that level, however, did find sellers on the test of the 100 hour MA (blue line) and swing area (between 1.3397 to 1.33054).
The price currently trades between the 100 hour moving average above at 1.34043 and the 200 hour moving average below it 1.3378.
A no deal Brexit should be more negative for the pound, but as we often see there can be technical levels that need to confirm the news. The inability to get below the support floor near 1.3283 – 91, turned sellers into buyers.
Now with the price testing upside resistance, will the sellers return?
