GBP/USD Outlook: Eases Further as Bets Against MV3 Approval Rise; Parliament’s Discussion about Brexit Delay

Technical analysis of Forex market

Cable holds slightly above daily low at 1.3220 in early American session trading on Monday, after the action was capped at 1.3300 in Asia and fresh acceleration lower commenced on comments about MV3, by Boris Johnson in early European session. Monday’s action is firmly in red, with risk of further easing on bearish technical studies. Focus turns towards UK Parliament’s meeting, due later today, when procedures for extending negotiating period if UK PM May’s plan is rejected on MV3, scheduled later this week, but also possible to be held after EU summit on Thursday Another negative signal for pound could be increase of quotes against plan’s approval, betting companies announced today. Bearish scenario would include acceleration through solid supports at 1.3179/64 (converging 10/20SMA’s) and risk retest of 200SMA (1.2986) if results strongly weaken the sentiment.

Res: 1.3229; 1.3300; 1.3330; 1.3349
Sup: 1.3202; 1.3179; 1.3164; 1.3074

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