The Pound soared on Thursday, which brought
the GBPUSD pair back
to the psychological level of 1.30 and the Sterling is now trying to settle
above this level. It was seen at 0.25 per cent stronger during the London
session on Monday.
The next resistance for bulls is at the
100-day moving average near 1.3040 and if this level is broken, the trend might
switch back to bullish, at least from the short-term point of view. Another
area which could be worth paying attention to at the short-term bearish trend
line, could be slightly below the 1.32 mark.
On the other hand, the support for today’s
trading could be at 1.2920. For this positive outlook to be maintained, the Pound
needs to stay above this level.
The major support remains at last week’s
lows at 1.27 and it seems like this could be a double bottom formation on the
daily chart. If the Sterling receives a positive boost from an unexpected soft Brexit
deal, the resistance of this pattern could be at 1.33, with the potential of
this formation toward the 1.39 level.
The Dollar index failed to push to new
cycle highs and slid from the 97.00 level, which could boost the Sterling over the
next couple of days.
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