GBP/USD Price Analysis: Bulls eye key resistance confluence above 1.2900 amid Brexit optimism
GBP/USD remains positive while rising to 1.2875, up 0.31% on a day, during Tuesday’s Asian session. The Cable recently benefited from news shared by The Times that suggests the European Union (EU) is softening the stand over Brexit talks.
Other than the fundamentals, the pair’s ability to cross the 100-day EMA also directs the bulls towards 1.2910/20 resistance confluence comprising 21-day and 50-day EMA. Should GBP/USD buyers remain firm beyond 1.2920, the 1.3000 psychological magnet and the mid-month high around 1.3010 will be on their radars.
GBP/USD Forecast: Brexit hopes continue to underpin Sterling
Pound longs returned with a vengeance this Monday, driving GBP/USD to 1.2929 its highest in almost a week. The pair got boosted by mounting hopes for a UK-EU trade deal, as representatives from both economies head into the ninth round of talks with cautious optimism. UK PM Johnson’s spokesman stated that a deal is still possible while there remains much to be done. The British currency found additional support in comments from BOE’s Ramsden who dismissed chances of using negative rates in the near-term.
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