GBPUSD Moves Above 1.29 Again. What’s Next?

GBPUSD closed 0.34% higher yesterday after reports emerged that EU is willing to offer a three-month Brexit extension to UK. The 5-month high of 1.3013 remains the intraday target for the bulls.

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Reports of disagreements within the Government were quickly dismissed as the PM’s office insists that Johnson will push for quick elections if the EU proposes delaying the Brexit deadline until January.

“The EU has not agreed an extension and therefore it is absolutely essential that we prepare to leave,” said James Cleverly, Conservative Party chairman.

The bulls will find intraday resistance in the context of the 5-month high of 1.3013, posted on October 21. In the midterm context, the 100 WMA and 200 WMA are located at 1.3082 and 1.3147 respectively, while the Fibonacci 50% retracement of the April 2018 – September 2019 move lower is located around the 1.3170 handle.

On the downside, the 100 DMA remains the most important support just above the 1.27 handle.

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GBPUSD weekly chart

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