GBP/USD continues its ascent, trades above 1.23

Omkar Godbole FXStreet Contributor

The rise in the GBP/USD pair continues with the pair now trading around 1.2315 levels on speculation that UK may avoid ‘Hard Brexit’ after PM Theresa May accepted a Parliamenty vote over her Brexit plans.

Hourly 50-MA is not a support

The latest hourly candle closed above the 1-hr 50-MA level of 1.2311 thus making an old resistance a new support. Cable was offered to a low of 1.2089 levels yesterday on ‘Hard Brexit’ fears and amid broad based US dollar gains.

However, shorts squeeze gathered pace in Asia on speculation that the outcome of a parliamentary vote onm PM May’s Brexit plans would provide her more toom to negotitate better deals with UK counterparts. The technical correction may continue in Europe and US unless we have fresh newsflow pointing to ‘Hard Brexit’

GBP/USD Technical Levels

A break above immediate resistance of 5-DMA level of 1.2369 would open doors for 1.24, above which the pair could target 1.2610 (10-DMA). On the other hand, a breakdown of support at 1.2311 (hourly 50-MA) would expose 1.2259 (50% of Friday’s drop) and 1.22 (zero figure).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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