GBP/USD Outlook: Cable rises on Brexit news and pressures key barriers
|GBP/USD
Cable rose above 1.29 mark on weaker greenback after US data and the latest Brexit Party news and holding firmly above 20DMA (1.2872) that generates initial bullish signal.
Fresh advance pressures pivotal barriers at 1.2920 zone (Fibo 61.8% of 1.3012/1.2768/ bear-trendline off 1.3012 peak/base of thin daily cloud), close above which would signal an end of 1.3012/1.2768 corrective phase and shift near-term focus higher.
The pair is on track for bullish weekly close that adds on positive signals for renewed attack at 1.30 zone, but caution is required as long as 1.2920 barriers cap. Return and close below 20DMA would be initial warning signal, while extension below 10DMA (1.2854) will soften near-term structure.
Res: 1.2919; 1.2942; 1.2972; 1.3012
Sup: 1.2872; 1.2854; 1.2819; 1.2768
Interested in GBP/USD 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.