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09:58, 14 ноября

Daily Analysis

In the last few weeks or so the GBPUSD has eased ever so slightly from its five month high just above 1.30 after smashing through the key 1.25 level which has resisted prices strongly in the last month three weeks ago. In the last few days it has settled right under 1.29 having met some resistance from around 1.30. The 1.25 level may now reverse roles and provide some support should the sterling decline from its current highs. It may also use this current consolidation period as a base for higher prices as it may look to test the resistance at 1.30.

Prior to the surge higher to above 1.30, it had settled right around the 1.23 level after falling away from the key 1.25 level, where it met stiff resistance for nearly two weeks. Just prior to the resistance at 1.25, the GBPUSD enjoyed a strong surge higher to a one month high above 1.25, but was sold down strongly at anything above that level, whilst the resistance above at 1.27 loomed like a dark cloud – a level that has now also been cleared.

Throughout August the GBPUSD was able to consolidate and receive solid support off the 1.20 level, allowing it to stop the rot and take a breather from its drastic falls from earlier in the year when it was trading above 1.33. In late July, the GBPUSD fell heavily from 1.24, although it had been declining for several weeks after falling through the key 1.27 level. It was only at the end of June that the GBPUSD reached a one month high near 1.28 before its steady but strong decline in the time since.

Significantly through most of May, the GBPUSD fell sharply from the key level at 1.32 down to the five month low before the recent consolidation around 1.27 and fall down to 1.25. Earlier this year it was trading strongly above the 1.32 level and looking poised to push through 1.34 and attempt to regain a lot of lost ground from previous years.

In the lead-up to the British election, recently retired former speaker John Bercow says leaving the EU is the United Kingdom's 'biggest blunder since World War II'.  In his most recent job of managing the Parliament's lower chamber, he had to remain neutral however he has now come out and said that Brexit will leave Britain weakened diplomatically and economically.  At a dinner in London, Mr Bercow was quoted as saying, “I don’t think it helps the UK.Brexit is the biggest mistake of this country after the war. I respect prime minister Johnson, but Brexit doesn’t help us. It’s better to be part of the [EU] power bloc.”  To compliment those comments, he said in another interview, "We're in a world of power blocs and of trade blocs, and it makes more sense for the UK to be part of that power bloc called the European Union and part of that trade bloc called the European Union."  He said, "if you add to that the civilizing effect of some of the social legislation that has been ushered in by the European Union, that seems to be to amount to a virtuous combination of benefits for the UK."