GBP/USD heads towards 1.2480 as UK triggers Article 50

The Sterling is now regaining some bids as UK’s PM Theresa May is making her statement before the Parliament, sending GBP/USD to test the area of daily tops around 1.2470/80.

GBP/USD bid after Article 50

The pair met some fresh buying interest after UK’s PM Theresa May has officially triggered Article 50, allowing the UK to formally initiate the negotiations to leave the European Union

Donald Tusk, President of the European Council, has confirmed he received the letter from the UK Ambassador to the EU, Sir Tim Barrow.

As PM T.May is making her statement before MPs, spot stays bid in the upper end of the range in the 1.2460/70 band for the time being despite of the underlying strength around the greenback.

GBP/USD levels to consider

As of writing the pair is up 0.18% at 1.2470 and a breakout of 1.2598 (high Mar.29) would aim for 1.2618 (high Mar.27) and finally 1.2715 (2017 high Feb.2). On the flip side, the next support aligns at 1.2378 (low Mar.29) followed by 1.2336 (20-day sma) and then 1.2239 (low Mar.16).