VOT Research Desk
Prior to Thursday’s London opening, buyers are attacking the 1.2100 hurdle, pushing GBP/USD bids to their highest levels since August 17.
In doing so, the Cable pair supports the US Dollar broadly while also giving some consideration to the UK’s Brexit-related problems and recent conflicting data.
The anticipation that the Prime Minister of the United Kingdom (UK) would have a soft spot for the European Union (EU), especially in light of Chancellor Jeremy Hunt’s covert wish, was rejected.
The Financial Times (FT) reported that despite this, “Rishi Sunak is under pressure from a broad alliance of British business, legal, labor, and environmental organizations to scrap controversial plans to automatically erase swathes of EU-derived law from the British statute book by the end of next year.
Even so, the speeches that several Bank of England (BOE) officials have scheduled and the news surrounding Brexit might amuse traders of the GBP/USD pair.
Around 1.2105, the 200-day EMA joins the overbought RSI (14) in posing a threat to GBP/USD bulls. The pullback moves, however, are still manageable unless they fall below the low from July, which was close to 1.1760.
|
Daily SMA20 |
1.1654 |
|
Daily SMA50 |
1.1391 |
|
Daily SMA100 |
1.1643 |
|
Daily SMA200 |
1.22 |
