GBP/USD Forecast: Break or bounce ahead of double-top? Boris holds the keys
Opening optimism – that is the downward driver of the dollar and what is causing cable to climb – but the double-top of 1.2645 could be too much to ask. The next steps depend on UK Prime Minister Boris Johnson on several fronts.
Brexit: Hopes for mutual concessions have so far failed to materialize. Talks between the EU and the UK continue via video and the current round is set to end on Friday. Brussels has its hopes on a dramatic intervention by Johnson, similar to his agreement to allow a customs border between Northern Ireland and the rest of Britain. Read More...
GBP/USD Forecast: Seems poised to retest 200-DMA around mid-1.2600s
The GBP/USD pair continued scaling higher for the fifth consecutive session on Wednesday and cracked through 100-day SMA barrier during the Asian session. Growing optimism about the global economic recovery kept the safe-haven US dollar under pressure and remained supportive of the ongoing momentum to the highest level since late April. The risk-on mood seemed rather unaffected by heightened concerns over US-China tensions and rising social unrest in the United States.
Bullish traders even shrugged off the increasing risk of a hard Brexit ahead of the month-end deadline to extend the transition period beyond this year. In the latest Brexit-related development, the UK dismissed reports that Prime Minister Boris Johnson was ready to compromise on key sticking points such as fisheries and the level playing field. Negotiators kicked off the fourth round of Brexit talks on Tuesday and there has been no hint of any meaningful progress. Read More...
GBP/USD is going up towards daily ATR
The GBP/USD is bullish we should see a continuation towards higher levels. The daily ATR is sitting at the 1.2655, so this could be the target.
GBP/USD is the fifth consecutive day in uptrend. At this point we see that 1.2600 has been broken and continuation points to higher levels. Bullish impulse is still strong and if the price manages to hold above 1.2540-1.2580 we should see another wave up. Read More...
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