Global macro overview for 24/01/2017:
At 09:30am GMT today the United Kingdom Supreme Court voted 8-3 that the government can't trigger article 50 without the parliament's approval. It means, that the Brexit bill must be presented and any changes to law must be enacted by the UK parliament. Moreover, The Supreme Court added that devolved assemblies in Scotland, Wales, and Northern Ireland do not need to give their consent. In conclusion, Prime Minister Theresa May must get the parliament's approval before she begins Britain's formal exit from the European Union. This means her plans to trigger Article 50 by the end of March 2017 could be amended or delayed.
Let's now take a look at the GBP/USD technical picture in the 4H time frame. The market has bounced from technical support at the level of 1.2431 and now the bulls are trying to violate the intraday resistance at the level of 1.2545. If they succeed, the next resistance is seen at the level of 1.2729. If they fail, the support will be tested again. In a case of a breakout lower, the next support is seen at the level of 1.2251.
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