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GBP/USD technical analysis: Cable gaining 200 pips on the day, challenging 1.2400 handle on Brexit hopes

FX Street
Updated:
  • GBP/USD soars 200 pips as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.
  • GBP/USD is challenging the 1.2400 handle while spanning the entire October range.    
 

GBP/USD daily chart

 
 
On the daily chart, the Cable is trading in a bear trend below the 200-day simple moving average (DSMA). GBP/USD is on fire as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.
 

 

GBP/USD four-hour chart

 
GBP/USD is challenging the 1.2400 handle as GBP/USD spanned its entire current monthly range. A daily close above the current resistance at 1.2400 can lead to further strength towards the 1.2500 figure.
 

 GBP/USD 30-minute chart

 
 
The Sterling is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2360 and 1.2340 price levels.  
 
 

Additional key levels

 

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