GBP/USD: newsflow on the progress of a Brexit deal is everything for Sterling [Video]
|GBP/USD
Newsflow on the progress of a Brexit deal is everything for sterling over the coming days. Once more the hourly chart shows that we saw little real direction until news broke of potential for a deal this week and bang, sterling shot 175 pips higher. The market is now consolidating again, waiting for the next snippet of progress or possibly lack of. Huge bull candles in the past few sessions show the pathway since Thursday and Cable has added over 600 pips at its peak. Resistance at $1.2785 is being tested, but a breakout would open $1.3000. The market has just drifted off in the Asian session (on a lack of expected update from Brexit negotiations overnight). There is likely to be the next move at some stage this morning, so strap yourselves in for the next twist and turn of the roller coaster ride. Initial support at $1.2705 but technicals matter little at this stage.
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