The GBP/USD pair stalled its recent bearish streak, and now consolidates the downside before the next leg lower, as markets continue to sell-off the GBP after the British parliament paved the way for PM May to commence Brexit last week.
By an overwhelming majority, lawmakers in the House of Commons voted to give May the power to trigger Article 50, the exit clause in the EU’s set of laws.
Broad based US dollar weakness and tumbling treasury yields also failed to offer any support to the GBP/USD pair. The greenback weakened across the board on Friday after the US labour market report came in below expectations, with the wages having ticked lower.
Focus now remains on any developments around the Article 50 trigger and on Trump policies for any fresh impetus on cable. While on the data front, the UK docket remains empty, and hence, the US LMCI data will be eyed.
GBP/USD Levels to consider
At 1.2485, the upside barriers are lined up at 1.2500 (zero figure), 1.2529 (5-DMA) and 1.2545 (10-DMA). While supports are aligned at 1.2450 (20-DMA) and 1.2396 (100-DMA) and below that at 1.2350 (key support).
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