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GBP/USD breaks down some of its losses, staying above 1.2200

The GBP/USD managed to recover from the week low by 50-60 pips and it seems to get over the psychological mark of 1.2200 to stabilize.

The British pound is under pressure to sell at its early European meeting on Wednesday and has dropped by 130 pips on a daily basis, according to the UK PM Boris Johnson said the Brexit parliamentary debate will be suspended for five weeks.

The ruling means that the opposition is unlikely to have enough time to pass a law against a no-deal Brexit, which weighs on the pound.

The pair found support in the middle of the 1.241 and the positive comments of the European Commission, which is open to constructive proposals from the UK, have brought a recovery.

Also read  GBP/USD: 21-day battle EMA, 23.6% Fibo.

In addition, there was the news that the Edinburgh Court of Session will petition a petition by 70 MPs Thursday to overturn the Boris Johnson plan.

 

Technical Levels

S1 1.2229
S2 1.2169
S3 1.2128

R1 1.2330
R2 1.2371
R3 1.2431

 

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