GBP/USD Outlook: Cable extends higher on positive Brexit signals / upbeat earnings
|GBPUSD
Cable maintains positive tone from Tuesday’s upbeat UK earnings figures and weaker dollar and extends advance in early European trading on Wednesday.
Improved daily techs on lift above 5;10;20SMA’s and fresh bullish momentum support the action, as bulls look for test of last Friday’s high at 1.2762 and possible extension towards key barrier at 1.2796 (Fibo 38.2% of 1.3179/1.2559 / falling 30SMA), break of which would spark stronger recovery.
Broken 5SMA offers immediate support at 1.2716, guarding lower pivots at 1.2686/89 (converging 10/20SMA’s).
Brexit story remains pound’s key driver, with focus on attempts of opposition Labor party to take control of the parliamentary agenda on 25 June and try to prevent no-deal Brexit scenario, as Boris Johnson, the favorite to succeed Theresa May, favors exit on 31 Oct deadline, regardless to the conditions.
Res: 1.2747; 1.2762; 1.2796; 1.2819
Sup: 1.2716; 1.2686; 1.2653; 1.2642
Interested in GBPUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.