GBP/USD slowly heads to weekly R3

In accordance with expectations, in first half of previous trading session the cable made a minor pull back to 1.3440 and then resumed the surge. An existence of two barriers located at the 1.3500 and 1.3530 levels was confirmed, while the pair continued to climb to the top yesterday.

As majority of pending orders both in 50 and 100 pip range are set to buy, the currency rate is expected to continue moving upwards today as well. The bullish scenario is also backed up by fundamental reasons, such optimism related to progress made on Brexit.

However, there is a need to take into account that alleged resistance barriers located at the 1.3560, 1.3580 and 1.3590 might either halt or event slightly turnaround the pair, especially if it matches with release of the US ISM Manufacturing PMI.

Add a comment