Sterling up 1.4% on super Thursday trading; scope for further advance on strong bullish sentiment

Slobodan Drvenica Windsor Brokers

Cable continues to benefit from positive Brexit news and extends strong advance, being so far up 1.4% in super Thursday trading.
The pair kept strong bullish sentiment after BoE stayed pat in expected action on today’s meeting but connected their future decisions with progress of Brexit talks.
The central bank signaled slightly faster pace in future rate hikes if Brexit deal will be reached before the end of talks in March next year, while any scenario without deal would keep the BoE aside.
Today’s strong advance took out pivotal Fibo barrier at 1.2910 (38.2% of 1.3257/1.2695) and pressures strong resistances at 1.2980 (base of thick daily cloud) and 1.30 (psychological / converged 55/20SMA’s).
Improved daily techs are supportive, with close above 1.30 zone to generate bullish signal for further advance towards 1.3043 (Fibo 61.8% / 100SMA).

Res: 1.2980; 1.3000; 1.3043; 1.3090
Sup: 1.2910; 1.2882; 1.2838; 1.2828

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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