GBPUSD Overivew: Brexit optimisim keeps Cable above 1.31000
Triggered by the Brexit optimism and more hawkish BoE, the GBPUSD is continuing to hold just above the 1.3100 key technical level.
On the Daily Chart, the pair is above the Ichimoku Cloud – Buy Zone – and EMA 50.
On the H4 Chart, the pair retreated from 1.31800 MM 8/8 Ultimate Resistance- Extremely Overbought level but holding above the MM 7/8 Stall-Reverse Level at 1.31200.Technical indicators have corrected from extreme readings, but lost downward strength, now consolidating in overbought territory.
Intraday Key Levels:
Upside: 1.31800 ( MM 8/8 ) and 1.32445 ( MM +1/8 Overshoot ) The bullish pressure will remain if the pair holds above 1.31200..
Downside: 1.30900 1.30600 ( Main Support of the fresh bullish trend ) 1.30200.
Brexit-related headlines kept coming, but the Irish border issue remains unsolved. Cabinet meetings are taking place almost daily in the UK, with a draft agreement that doesn’t include an Irish backstop plan, now on the table. It’s yet to be signed by local authorities, not to mention, submitted to the EU. The kingdom’s macroeconomic calendar has nothing to offer this Thursday.
FOMC minutes will be on focus.
Intraday Trade Opportuniy by the indicators:
Long GBPUSD at 1.31200 Stop Below 1.30600 Target 1 1.31500 Target 2: 1.31800
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