$GBPUSD Forex Signal: Could Retest the Support at 1.1920 forexsignals tradingstrategy tradingsignals GBPUSD
pair remained in a consolidation phase on Tuesday morning as investors focused on Brexit and the upcoming economic events. It was trading at 1.2035, where it has been in the past two days. This price was a few points above last week’s low of 1.1920.Brexit is back in the limelight as UK’s prime minister works to reach a deal with the European Union on Northern Ireland protocol. Rishi Sunak aims to solve an issue that has existed since the UK left the European Union.
Rishi Sunak has continued to deliberate with other Tory leaders and there is a possibility that a deal will be reached in the coming days. Analysts believe that the deal will help solve one of the biggest issues that has plagued Brexit. There will be several important economic data from the UK and the US on Tuesday although their impact on the pair will be minimal. In the UK, S&P Global will publish the flash manufacturing and services PMI numbers.
Economists believe that the two made some improvements in February, with the services figure nearing the expansion area of 50. Manufacturing PMI is expected to come in at 47.5. The UK will also publish the latest vehicle sales numbers. In the US, the S&P will also publish the flash PMI numbers. Like in the UK, analysts expect that the two sectors remained in a contraction stage in February but made some improvements. The other important data is existing home sales, which are expected to show that sales rose modestly in January as mortgage rates pulled back slightly.The GBP/USD pair moved sideways on Monday and Tuesday. It has remained slightly above the key resistance level at 1.2000.
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