Pound Sterling Price News and Forecast: GBP/USD bulls achieve upside targets above the 1.26 level
|GBP/USD on the march to test fresh highs in 1.26 levels
GBP/USD is currently trading at 1.2612 having travelled between a low of 1.2508 and 1.2615 on the day so far.
As per yesterday's Price analysis, GBP/USD bulls looking for a buy-in at a discount below a 31.8% Fib retracement, the bulls capitalised on a significant pullback within the prior impulse.
Earlier in the day, UK Chancellor Rishi Sunak announced a kickstart scheme to pay firms to hire young people and confirmed a new £2 billion green homes grant.
GBP/USD: The bulls are looking more positive now [Video]
A bull run on sterling in yesterday’s session (on the prospect of a more constructive outlook for the Brexit trade deal talks) pulled Cable through an important near term resistance at $1.2540. Although the break could not quite be held into the close, the bulls are looking more positive now. A closing move above $1.2540 would complete a small base pattern within the range (arguably a head and shoulders bottom) which would imply a test of the $1.2810 key June high once more. The is a more positive bias now forming through momentum indicators, with RSI at a three week high and leading the mini breakout, whilst Stochastics are rising strongly and MACD lines have just crossed higher.
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