Forex Market View GBP 2/20/19

USD/GBPBritish Pound spiked today catching many people off-guard on many different levels. One of the big highlights was a robust UK employment report hitting a record of a hundred and sixty-seven thousand new jobs added in the fourth quarter of 2018.

The Pound was trading higher over the weekend, it was actually Saturday news coming out of Germany that the EU may be willing to delay with a no deal Brexit being reached. That was very positive for the pound. It seems like the news came from a credible source adding a big tailwind to the pair.

Pound hit a high of 1.3084 a move we haven’t seen in a very long time.

This caught technical traders off-guard just blowing through the first two resistance points now traders seem to be thinking that the next big resistance for the British Pound would be 1.32 even. We need to see a decisive close above 1.32 to get a consolidation above 1.34.