GBPUSD trades between 100/200 hour MAs
100 hour MA stalls rally above. The low today did break below the 200 hour MA but momentum stalled near 50% retracement
The GBPUSD - before Plan B announcement - has settled between the 200 hour MA below at 1.2846 and the 100 hour MA above at 1.28843. The 100 day MA is not too far away from the 100 hour MA at 1.2890. The price currently trades at 1.2870.
Technically, a move outside of those MAs should solicit momentum in the direction of the break.
Earlier today, the price did fall below the 200 hour MA (green line), but stalled the fall near the 50% midpoint (and low from Thursday) at 1.2833 (low reached 1.2830). That level is another level that would need to be broken to solicit more selling in the pair.
May is schedule to speak at 1530 GMT and put forward a motion on Plan B. Her initial Brexit deal was voted down last week by lawmakers. After her proposal, lawmakers will be able to propose alternative ideas. Those ideas will be debated on January 29 and voted on them for majority support. If lawmakers come to an agreement, they then need to propose that agreement to the EU for their approval. The clock is ticking toward the March 29th date for withdrawal. It still remains a possibility that deadline is extended although May has said she does not support such an idea.