GBPUSD continues north for the fourth day in a row as USD is under pressure across the board after Fed cut its benchmark interest rate for the third time in row this year by 25 bps to 1.50%-1.75%. U.S. Gross Domestic Product for Q3 expanded at a 1.9%, slowing from 2% in the Q2 but came in above market forecasts for growth of 1.6%. Mixed headlines crossing the wires around the Brexit deal increases Pound volatility.
GBPUSD trades close to daily highs, adding 0.43% at 1.2952, while the outlook is bullish for GBPUSD. On the upside where traders turned their focus now, first resistance can be found at 1.2959 the daily high, after that level next hurdle stands at 1.2999 the high from October 22, with more offers probably emerging at the 1.3050 the high from mid-May 2019. On the flip side, the first support level for GBPUSD stands at 1.2896 the daily low and then at 1.2711 the 200-day moving average. Now bulls need to break above 1.30 to push the pair higher; a convincing move above will attract more offers, while a rejection at that level might signal profit-taking.Download our latest quarterly market outlookfor our longer-term trade ideas.
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