GBPUSD is trading close to daily highs amid high volatility as news from Brexit developments cross the wires. European Council President Tusk said that UK has not come with a realistic and workable proposal but PM Johnson has promised to come forward with a solution that works for all by today. GBPUSD adds almost 70 pips on the news, as of writing GBPUSD is 0.78% higher at 1.2520.
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GBPUSD Technical Analysis
The outlook is positive for GBPUSD as it continues higher for second straight day and has breached the 50 and 100-day moving average since yesterday following the positive Brexit news. Currently, immediate resistance can be found at the daily high of 1.2530, with more offers probably emerging at the 1.2581 the high from September 20, while the next barrier stands at 1.2711 the 200-day moving average. On the downside, the first support level for GBPUSD stands at 1.2259 the 50-day moving average and then at 1.2201 the daily low. Going forward traders must e cautious as the Brexit headlines will guide the movement of GBPUSD.