GBP/USD jumps above 1.2550 as Pound soars on Juncker’s comments

EC Juncker opens the door to a potential Brexit deal before the current deadline.
Pound jumps, reaching multi-month highs against most of its rivals.

Matías Salord FXStreet

The GBP/USD pair rose quickly from 1.2490 to the 1.2550 area, reaching levels not seen since July 19. The Pound became the top performer of the day after rising sharply across the board following comments from Jean Claude Juncker, European Commission President.

He said that a Brexit deal could be reached by October 31. Regarding the Irish backstop, mentioned that if their objectives are met through alternative arrangements, "we don't need the backstop".

His comments triggered a rally of the Pound that extended gains. Cable jumped hitting levels above 1.2550 for the first time in two months.

The pair resumed the rally that started from below 1.2000 and climbed on top of the 100 days SMA. The next resistance might be seen at 1.2575 (July 12 and 15 high).

More Levels

GBP/USD

Overview
Today last price	1.2543
Today Daily Change	0.0071
Today Daily Change %	0.57
Today daily open	1.2472

Trends
Daily SMA20	1.2294
Daily SMA50	1.2278
Daily SMA100	1.2501
Daily SMA200	1.274

Levels
Previous Daily High	1.2515
Previous Daily Low	1.2439
Previous Weekly High	1.2508
Previous Weekly Low	1.2234
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2468
Daily Fibonacci 61.8%	1.2486
Daily Pivot Point S1	1.2435
Daily Pivot Point S2	1.2399
Daily Pivot Point S3	1.2359
Daily Pivot Point R1	1.2512
Daily Pivot Point R2	1.2552
Daily Pivot Point R3	1.2588

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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