GBP/USD rallies past 1.2860 on Macron words

The market is firmly believing that a Brexit deal is at the tip of the fingers, pushing Pound to fresh five-month highs above 1.2860. French President Macron said that a Brexit agreement is being finalized, the latest bullish catalyst for the pair.

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US-China trade talks and Brexit fueled risk-on sentiment

Risk-on has taken over the financial sphere these last couple of days, on encouraging news coming from the two big turmoil fronts, Brexit and the trade war between the US and China. The EUR/USD pair has advanced for a second consecutive week, recovering the 1.1000 threshold and rallying to 1.1062, on hopes both ships will reach good port.




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GBP/USD has surged to 1.28 amid reports that the EU and the UK reached a draft deal. What are the next levels to watch?

The Technical Confluences Indicator is showing that the next upside target for GBP/USD is 1.2841, which is the convergence of the Pivot Point one-week Resistance 1 and the Bollinger Band one-hour Upper.

Further up, Cable may hit 1.2902, which is where the Pivot Point one-month Resistance 2 meets the price.

Support awaits at 1.2729, which is the confluence of the Simple Moving Average 5-4h, the BB 1h-Middle, and the Fibonacci 38.2% one-day.

The next cushion is close – 1.2702 is the meeting point of the previous weekly high, the SMA 100-15m, and the SMA 200-one-day.

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