GBP/USD prints fresh 7-month highs near 1.3350 and retreats

Pound remains strong and hits new highs across the board.
Cable heads for the highest close since June 12, 2018.
UK Parliament to vote on Brexit amendments.

Matías Salord FXStreet

The GBP/USD pair rose further during the US session and printed a fresh 5-month high at 1.3349. Then pulled back amid a recovery of the US dollar and as of writing was trading at 1.3325/30, on its way to the fourth daily gain in-a-row and the highest close since mid-June.

Optimism about the Brexit outcome continue to support the pound. Today several Brexit amendments will be voted at the UK Parliaments, including the possibility of a second referendum and other related to European Union citizens’ rights.

At the US Congress, Fed’s Powell just mentioned that they will be announcing something fairly soon on balance sheet plan. While from Vietnam, US President Trump just tweeted: “Great meeting and dinner with Kim Jong Un in Hanoi, Vietnam tonight. Looking forward to continuing our discussions tomorrow.”

Despite moving off highs against the US dollar, the pound continues to be the top performer of the day and also of the week.

Levels to watch

If the retreats continue, support levels might be seen at 1.3285/90 (Feb 26 high), 1.3260 and 1.3230/35 (daily low). On the upside resistance levels could be located at 1.3365/70 (July 2018 high), 1.3400 and 1.3440/45.

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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