- DXY selling remains unabated in Europe.
- Fresh round Brexit negotiations eyed.
- Focus on the US data dump.
Moreover, Cable also received fresh impetus on the latest headlines citing that the EU is all set for another round of the Brexit negotiations after the EU figured out that the Brexit talks between the UK and the European Commission had advanced sufficiently.
The pair now awaits the US macro releases lined up later in the NA session for fresh incentives amid a data-empty UK docket while the broad market sentiment will also play a key role behind the GBP’s moves.
GBPUSD levels to watch
Slobodan Drvenica, Information & Analysis Manager at Windsor Brokers, noted, “Wednesday's close above psychological 1.40 barrier was a bullish signal, with a big bullish daily candle with long tail underpinning. Bullish setup of daily studies supports but still lacking stronger momentum, which could obstruct bulls. Firm break above 1.4066 and 1.4081 (Fibo 61.8% of 1.4277/1.3764) is needed for fresh bullish signal for an extension of recovery leg at 1.3764 (09 Feb low). Broken 20SMA offers immediate support at 1.4021 with 1.40 handle expected to ideally hold and deeper dips to be contained by 10SMA (1.3940) to keep bullish stance intact. Res: 1.4066; 1.4081; 1.4156; 1.4200. Sup: 1.4021; 1.4000; 1.3974; 1.3940.”
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