The pound sterling maintained modest gains on Monday. Lack of any new developments on the Brexit front helped traders to bid the currency higher. A UK spokesman said that preparations were underway for a no-deal Brexit. The details of the no-deal Brexit will be released in a few days time.
GBPUSD Remains Biased to the Upside for Now
The currency pair has been gradually drifting higher, following the upside breakout from the descending wedge pattern. With GBPUSD clearing the support/resistance area of 1.2082, we expect the upside to prevail. However, a lack of momentum could see this to be a potential bull trap. GBPUSD could retest the level of 1.2082 if the bullish momentum fades.
