GBPUSD is taking another leg higher

It’s still one way traffic for the pound as GBPUSD rises to 1.3531 after busting the barrier at 1.3500. It’s very likely that we’re on for a test of the Sep highs around 1.3600.

GBPUSD daily chart

Aside from what develops on this move up, the next resistance doesn’t come in until 1.3570. With the Dec 4th May/Juncker meet upcoming, and the strong possibility of the UK nailing down all three issues to move on to the next round of Brexit talks, we could remain well bid into next week, or until we get some bad news. Aboce the Sep 1.3656 highs we have some clear sky to 1.3800.

This has been yet another strong move but it needs to be built on a strong foundation so look at 1.3500 to become support. 1.3480 is the safety net under that.

Ryan Littlestone

Pin It on Pinterest