GBP/USD: UK threatens to walk away from Brexit trade talks


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 1.03% against the USD and closed at 1.2894, after the UK threatened to walk away from the trade negotiations with the EU, if there is no progress by June.

In the Asian session, at GMT0400, the pair is trading at 1.2871, with the GBP trading 0.18% lower against the USD from yesterday’s close.

Overnight data showed that UK’s GfK consumer confidence index advanced to a level of -7.0 in February, marking its highest level since August 2018 and compared to a level of -9.0 in the previous month.

The pair is expected to find support at 1.2839, and a fall through could take it to the next support level of 1.2806. The pair is expected to find its first resistance at 1.2925, and a rise through could take it to the next resistance level of 1.2978.

Trading trend in the pair today is expected to be determined by UK’s Nationwide house prices for February, slated to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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