GBP/USD rises to its highest stage since 15 November
And the break is on. The Cooper modification is gaining extra backing and that solely reinforces the notion no-deal Brexit end result is being pushed additional to the sidelines. The pound is surging forward now as stops are triggered above the 1.3000 deal with.
The excessive for the day now reaches 1.3024. Trying on the every day chart:
Resistance is now seen at round 1.3050 earlier than the 200-day MA (blue line) comes into play at 1.3068. A break of the latter will probably be a big recreation change for cable from a purely technical perspective because it signifies that the bias within the pair would flip extra bullish.
As odds of a no-deal Brexit proceed to decrease, the pound’s upside run seems to be gaining some critical legs at this level.