- The GBP/USD pair built on the overnight goodish recovery move from multi-month lows and climbed further beyond the key 1.2500 psychological mark on Thursday.
- Sustained strength above 100-hour SMA – for the first time since July 1, was seen as a key trigger behind a follow-through buying interest for the second straight session.
A subsequent move beyond 23.6% Fibo. level of the 1.2785-1.2440 recent downfall, coupled with the fact that technical indicators on hourly charts have been gaining positive momentum support prospects for further intraday gains.
However, oscillators on the daily chart are yet to catch up with the positive momentum and might turn out to be the only factor holding investors from placing any aggressive bullish bets amid persistent fears of a no-deal Brexit.
Traders now seemed to await Thursday’s release of the BoE Financial Stability Report, which will be followed by the BoE Governor Mark Carney’s press conference, before positioning for a move beyond 200-hour SMA – currently near the 1.2555-60 area.
Above the mentioned region, the pair might confront resistance near the 1.2595-1.2600 supply zone, which if cleared decisively will set the stage for a follow-through up-move towards 61.8% Fibo. level – around the 1.2660-65 zone.
GBP/USD 1-hourly chart
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