GBP/USD Rises as Investors Adjust Positions

The British Pound (GBP) rose on Wednesday against the US Dollar (USD) and mostly across the board, as investors adjust their position at the end of September and the third quarter (Q3) of the year.

The GBP/USD pair is up by 0.31%, trading at 1.2903, after rising earlier today by more than 0.6%.

The pair has been moving today in a range between 1.2806 and 1.2942, after closing Tuesday at the level of 1.2863.

Despite the United Kingdom (UK) House of Commons, the lower chamber of parliament, passing the controversial Internal Market Bill, hopes for a trade deal between the UK and the European Union (EU) were renewed after Britain and Norway reached a bilateral agreement on fisheries.

The bill is now being debated at the House of Lords.

Brexit talks are set to resume later this week, with the government of Prime Minister Boris Johnson saying that a deal on the Irish borders could mean that the internal market bill is not needed. The bill allows the government to break international law and complete the withdrawal from the European bloc without a trade arrangement as initially agreed between the two parties.

Support Levels: 1.2818 – 1.2780 – 1.2738

Resistance Levels: 1.2898 – 1.2940 – 1.2978