The Pound back-tested the broken trend line yesterday but was unable to break above it as the controversial Brexit bill weighed on the Sterling, signaling that the bears were still in control. Today, any upside potential was capped so far by the mixed jobs data after the UK reported an increase of the unemployment rate to 4.1% while jobless claims rose less than expected. The bulls, however, will remain in the fight in an attempt to retest yesterday’s highs as long as price remains above today’s lows at 1.2815. If that level is broken then 1.2770 will likely be retested.
Support: 1.2815/ 1.2770
Resistance: 1.2920 / 1.30
