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The British pound yesterday resumed its growth against the US dollar after a good downward correction, which amounted to more than 100 points. After the update of large support levels in the area of 1.2530, which I emphasized in yesterday's forecast, the demand for the British pound returned. However, the whole point was shifted to the speech of the Queen of Great Britain at the solemn ceremony on the occasion of the resumption of the parliament. Even although Elizabeth II sidestepped the topic of Brexit, some points were still touched upon. Immediately after her speech, many politicians had already tied her speech to Johnson's campaign program. The Queen spoke about how Prime Minister Boris Johnson's idea of the future of a country outside the European Union.
Meanwhile, the work of EU and UK negotiators continued in Brussels, which did not allow the pound to adjust further, as many traders expect that the agreement reached will smooth the UK's exit from the bloc.
It also emerged that the agreement proposed last week by Boris Johnson is gradually bringing him closer to the required number of votes in Parliament that are needed to conclude a Brexit agreement. Many more hardline eurosceptics and Labor MPs opposed to the deal said they could support a new agreement with the EU if it took into account the interests of all parties. There is a perception that eurosceptics are moving towards supporting the agreement, partly because they fear the Laborites will hold a second referendum instead of an election. For example, Lee Rowley, a conservative MP who voted three times against the may deal, issued a loyal statement saying he had changed his position and believed that parliament should vote for the Brexit deal.
Another Tory, who also voted against the May deal, said he was also ready to vote for the agreement, but for this, it was necessary to study all the details.
One thing is clear from yesterday's polls that many conservatives are at least against a second referendum, which has also long been rumored, as such a scenario would be a disaster for Britain's democracy.
As for the technical picture of the GBPUSD pair, the bulls intend to continue the growth of the pound. The breakdown of the resistance of 1.2640 will provide the market with new buyers able to return the trading instrument to last week's high of 1.2705. Above this range, the levels of 1.2780 and 1.2860 open. The downward correction will still be met by active purchases at a minimum of 1.2530.
EURUSD
As for the European currency, the pair remained in the side channel. Yesterday's report on the growth of industrial production in the eurozone led to an attempt to break the resistance of 1.1033, but it was unsuccessful. The report states that eurozone industrial production in August of this year increased by 0.4% compared with July, however, compared with the same period in 2018, it fell immediately by 2.8%. Economists forecast production growth of 0.3% and a decline of 2.6%, respectively.
As for the technical picture of the EURUSD pair, it is best to return to long positions in the trading instrument only after updating the major support of 1.1000 or after fixing above the middle of the side channel of 1.1035. Only then can we expect a second wave of growth of risky assets to the highs of 1.1065 and 1.1110.
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