GBP/USD refreshes session tops, looking to build on momentum beyond 1.3000 mark

GBP/USD witnessed a dramatic intraday turnaround from one-week lows.
The GBP gained traction after the UK signalled it won't abandon Brexit talks.
A softer tone surrounding the USD remained supportive of the momentum.

Haresh Menghani FXStreet

The GBP/USD pair shot to fresh daily tops during the mid-European session, with bulls now looking to build on the momentum beyond the key 1.3000 psychological mark.

The pair stalled this week's retracement slide from over one-month tops and witnessed some aggressive short-covering move on Wednesday after the UK signalled that it will not abandon Brexit talks immediately. According to reports, the UK will continue its efforts to reach an agreement with the European Union on their future relationship beyond Prime Minister Boris Johnson’s October 15 deadline.

The GBP/USD pair rallied around 140 pips from the 1.2865-60 region and was further supported by a softer tone surrounding the US dollar. As investors looked past a setback in the development of a COVID-19 vaccine, fading hopes of any further US fiscal stimulus and the US political uncertainty kept the USD bulls on the defensive through the first half of the trading action on Wednesday.

The GBP/USD pair has now recovered a part of the previous day's negative move and remains at the mercy of the incoming Brexit-related headlines amid absent relevant economic releases from the UK. Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for the resumption of the recent positive momentum witnessed over the past two weeks or so.

Technical levels to watch

GBP/USD

Overview
Today last price	1.2998
Today Daily Change	0.0059
Today Daily Change %	0.46
Today daily open	1.2939

Trends
Daily SMA20	1.2892
Daily SMA50	1.3026
Daily SMA100	1.2818
Daily SMA200	1.2712

Levels
Previous Daily High	1.3071
Previous Daily Low	1.2922
Previous Weekly High	1.305
Previous Weekly Low	1.2845
Previous Monthly High	1.3482
Previous Monthly Low	1.2676
Daily Fibonacci 38.2%	1.2979
Daily Fibonacci 61.8%	1.3014
Daily Pivot Point S1	1.2883
Daily Pivot Point S2	1.2828
Daily Pivot Point S3	1.2734
Daily Pivot Point R1	1.3033
Daily Pivot Point R2	1.3126
Daily Pivot Point R3	1.3182

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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