GBP/USD bullish
Interesting move today for the cable which is already up 1.14% at the end of the week.
Market is now expecting a soft brexit rather than no deal brexit.
Technically the pair is gaining bullish momentum since it broke above the 200day SMA at 1.318 and will likely close above it weekly.
Also, it broke a descending trend line shown on the chart which shows a bullish continuation for the near term.
Next potential target is 1.326 (Oct 12 high) , 1.33 psychological mark and Sep 20 high, 1.332 (38.2 Fibo) and 1.346 (June 13 high).
Trade safe.
Market is now expecting a soft brexit rather than no deal brexit.
Technically the pair is gaining bullish momentum since it broke above the 200day SMA at 1.318 and will likely close above it weekly.
Also, it broke a descending trend line shown on the chart which shows a bullish continuation for the near term.
Next potential target is 1.326 (Oct 12 high) , 1.33 psychological mark and Sep 20 high, 1.332 (38.2 Fibo) and 1.346 (June 13 high).
Trade safe.
Ramzi Abou Abdallah, CFTe, CMT
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