GBP/USD a close back under Thursday’s close of $1.2890 [Video]

Richard Perry Independent Analyst

GBP/USD

With the outlook for Brexit before the 31st October supposed deadline for Article 50 being more clouded than ever today, there is an early slide back on Cable. Sterling has been hugely strong over the past eight sessions but the market has also seen significant intraday volatility along the way. Technically the run higher is looking strong but the threat of a corrective move is still present. A close back under Thursday’s close of $1.2890 would question the continuation of the current run higher. Repeatedly we have seen corrections bought into for recent sessions. Therefore a breach of Friday’s low at $1.2835 would be a corrective signal now. The hourly chart is again testing the support of a now six session uptrend, with the 55 hour moving average supportive at $1.2875. Resistance initially at $1.2960, whilst $1.2985 has been tested twice in the last two sessions and is holding as a barrier.

Author

Richard Perry

Independent Analyst

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