Meanwhile, the pair remains near the multi-month low of 1.2776 hit last week, and technically bearish according to intraday technical readings, as the pair is below a strongly bearish 20 SMA, which capped an early attempt to advance and is currently around 1.2840, while technical indicators turned south, the Momentum accelerating to fresh daily lows and the RSI currently at 28, in line with further slides ahead particularly on a break below 1.2775.
Support levels: 1.2775 1.2740 1.2700
Resistance levels:1.2850 1.2880 1.2925
2.Fundamental view
The most relevant event of the day was UK's Chancellor Phillip Hammond presenting the kingdom's budget. Among his opening remarks, he said "the era of austerity is over," among other encouraging statements that clearly failed to motive Pound's bulls, more concerned these days about the effects of Brexit on the UK economy, and Hammond words over the weekend, claiming that a no-deal Brexit will need adjustment to this budget. Growth forecast was revised slightly higher and the expected deficit lower. Minor data from the UK showed that Consumer Credit in the UK rose by less-than-expected in September, up by £0.785B, while Mortgage Approvals in the same month were up by 65.269K, better than the 65.000K forecasted. On Tuesday, the UK will release the CBI Realized Trades Survey for October.
3.Personal view
Due to the strong us dollar, the GBP/USD remains at a relevant low level. Where does the pair go? It depends on how it could break the channel. Wait for the new signal.