GBP/USD probes highs above 1.3250 ahead of UK data

Cable stays close to 3-week tops.
GBP bid on rising optimism around Brexit.
Focus remains on the ‘divorce bill’.

Pablo Piovano FXStreet

The buying interest around the Sterling remains well and sound during the first half of the week, with GBP/USD now testing the area of session tops in the 1.3250/55 band.

GBP/USD upside backed on Brexit headlines

Cable is up for the sixth session in a row so far today and navigates close to yesterday’s fresh 3-week tops in the vicinity of 1.3280.

Positive headlines from Brexit have been helping the British Pound to extend its upbeat sentiment, while investors’ attention has now shifted to the ‘divorce bill’ and a future trade deal following yesterday’s cabinet committee meeting at Downing Street.

In the meantime, the pair is prolonging the breakout of the short-term resistance line off 2017 tops seen in mid-September and now faces a strong resistance in the 1.3320/40 region, consistent of October’s peaks and a Fibo retracement.

In the UK data space, UK’s public sector finances are next on tap along with inflation hearings and CBI’s industrial index for the current month.

GBP/USD levels to consider

As of writing the pair is gaining 0.14% at 1.3253 facing the next hurdle at 1.3279 (high Nov.20) seconded by 1.3321 (high Nov.1) and then 1.3343 (50% Fibo of 1.3658-1.3017). On the downside, a breach of 1.3181 (10-day sma) would open the door to 1.3127 (100-day sma) and finally 1.3062 (low Nov.13). In addition, FXStreet’s Technical Confluence Index (TCI) notes a strong support area in the 1.3170/75 band, where converge the 200-h sma, a Fibo retracement and a Bollinger Band.

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.

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