GBP/USD advanced on the weakness of the US Dollar and hopes for some kind of resolution on Brexit. What's next? The technical levels point to additional upside potential.
The Technical Confluences Indicator shows that cable now faces resistance around 1.3065 where we see a convergence including the Simple Moving Average 5-15m, the SMA 10-15m, the Pivot Point one-week Resistance 2, and the SMA 50-15m.
The next cap is very close. At 1.3078 we see the confluence of the Fibonacci 161.8% one-week, the Bollinger Band 4h-Upper, and the BB 15min-Upper.
From there onwards, the pair has lots of room to run higher, all the way to 1.3220 where the BB 1d-Upper and last month's high.