GBP/USD keeps gains in the 1.3030/40 band

Pablo Piovano FXStreet

The buying interest around the Sterling remains well and sound on Monday, with GBP/USD so far managing to keep its business above 1.3000 the figure.

GBP/USD upside met resistance near 1.3050

Cable continues to add to Friday’s upside today, managing to break above the psychological 1.3000 handle on a more sustainable fashion albeit struggling to surpass the key 1.3050 region for the time being.

GBP found extra buying interest today following supportive talks around the EU-UK Brexit negotiations, while the uncertainty around the UK political scenario seems to remain in the back burner, at least today.

Sustaining the momentum in GBP, the speculative community trimmed their net shorts to the lowest level since early November 2015 during the week ended on July 18, as per the latest CFTC report.

GBP/USD levels to consider

As of writing the pair is gaining 0.34% at 1.3038 and a break above 1.3049 (high Jul.24) would open the door to 1.3115 (high Jul.14) and finally 1.3127 (2017 high Jul.18). On the downside, the immediate support aligns at 1.2987 (10-day sma) followed by 1.2948 (21-day sma) and finally 1.2930 (low Jul.20).

Furthermore, the daily RSI (14) stays around 59, while the MACD remains within the positive territory.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims gains, back below 1.1800

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