Technical Analysis

Pound consumers not letting up as cable rises to highest ranges since October

GBP/USD hits a four-month excessive

GBP/USD D1 26-02

Alright, that is the place issues begin to get a bit stretched in my opinion. The good points as we speak is mainly signalling that markets are pricing in some type of optimistic information to come back about from Could’s assertion later simply after noon. Presently, the hope is for both a Brexit extension or that Could guidelines out a no-deal Brexit end result.

Both of which can greater than possible assist assist good points seen as we speak however ought to neither come about, it’s going to simply be a ache commerce that’s ready to occur.

There’s some respectable resistance for cable round 1.3250-60 earlier than the 1.3300 deal with however at this level it is purely sentiment that’s dominating commerce right here. Technicals will imply little if the sentiment seen right here is supported by fundamentals. Cable may simply take out 1.3300 on the again of optimistic headlines later.

However that may be very a lot the case, it is both the pair goes to rally farther from right here or the good points as we speak will likely be tempered with relying on Could’s assertion.

In the meantime, EUR/GBP can also be opening as much as new lows because the pair falls under zero.8600 to its lowest ranges since Could 2017.

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