Price currently touches a high of 1.3116 on the day and buyers are hoping to test the 100-hour MA at 1.3131 next if they manage a hold above the 1.31 handle.

Yesterday, the GBPUSD currency pair came under heavy selling pressure and tumbled nearly 145 pips from the 1.3200 levels after the UK Parliament rejected the  Cooper Amendment. Still, the bulls were offered some relief after the Brady Amendment was approved.

The near term bias stays neutral as we wait fresh Brexit headlines.

If price rises back above the 100-hour MA, we may see the Sterling get a second wave of support to the upside.

Risk events: new Brexit headlines and the Fed meeting later today.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.