- GBP/USD leaped more than 100 pips as the EU’s chief negotiator Michel Barnier said that a Brexit deal is realistic in 6-8 weeks. Last week, GBP/USD surged on similar comments.
- GBP/USD is currently in bull breakout mode and it is testing the 1.3050 key level. If bulls manage to sustain a breakout above the level, it might put the main bear trend in peril as it would create a higher high on the daily chart.
- Nothing indicates that the bullish momentum should abate as the market is trading well above its 50, 100 and 200-period simple moving averages while the RSI, MACD and Stochastics indicators are in full bullish mode. However, a bear breakout below 1.2800 would invalidate the bullish bias.
Spot rate: 1.3036
Relative change: 0.96%
High: 1.3052
Low: 1.2897
Main trend: Bearish
Short-term trend: Bullish above 1.2800
Resistance 1: 1.3050 August 30 swing high, key level
Resistance 2: 1.3082-1.3100 supply/demand level and figure
Resistance 3: 1.3200 figure
Support 1: 1.3000 figure
Support 2: 1.2957 July 19 swing low
Support 3: 1.2937 August 22 swing high
Support 4: 1.2900 figure
Support 5: 1.2868 August 22 low
Support 6: 1.2845, August 29 low
Support 7: 1.2800 August 24 swing low
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