Technical Analysis

GBP/USD rises to a high of 1.3037 on the day


The pound is getting a bit of a lift on the back of the Reuters headline earlier as cable rises to a high of 1.3037 currently. The next immediate resistance level will be the overnight high at 1.3042. However, the key level to look out for will be the 200-hour MA (blue line) @ 1.3060.

If buyers can hold a break above that, near-term price bias turns more bullish. For now, buyers have done well to hold off tests of the 100-hour MA (red line) and that shows that there is some poise for a move higher and all they need is the right catalyst.

For me, the headline doesn’t provide anything new as we need to first know what proposals are put forward by Theresa May on the Irish border/backstop. But throw a dog a bone and it’ll gladly chew on it. That’s pretty much the case with pound buyers for the last few weeks.

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