GBP/USD pushes higher to 1.3260, fresh daily tops

Pablo Piovano FXStreet

The offered bias around the greenback is motivating the risk-associated space to extend the recent rebound, with GBP/USD clinching fresh tops in the 1.3260 region.

GBP/USD in 6-day tops

Cable is advancing for the fourth consecutive session so far on Thursday, always sustained by the persistent selling pressure hitting the US Dollar.

In fact, the FOMC minutes came in on the dovish side on Wednesday, accelerating the decline in the buck and forcing the US Dollar Index (DXY) to retreat to fresh 2-week lows in the vicinity of 93.60.

In the meantime, no news from Brexit seems to be good news for the British Pound, where concerns over the lack of progress in the Brexit negotiation and uncertainty around the UK government appear alleviated for the time being.

Later in the session, BoE’s A.Haldane is due to speak, while producer prices and speeches by FOMC’s L.Brainard (permanent voter, mega-dovish) and J.Powell (permanent voter, dovish) are expected across the Atlantic.

GBP/USD levels to consider

As of writing the pair is advancing 0.32% at 1.3262 facing the next resistance at 1.3357 (21-day sma) seconded by 1.3561 (2014-2017 down trend) and finally 1.3658 (2017 high Sep.20). On the flip side, a breakdown of 1.3219 (10-day sma) would aim for 1.3141 (55-day sma) and then 1.3027 (low Oct.6).

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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