Cable cracked 100DMA barrier (1.2570) in extension of Monday’s 0.55% rally through 1.2500/16 (round-figure / Fibo 61.8% of 1.3199/1.1409).
Weakening dollar holds in red for the sixth straight day and underpin pound with fresh support coming from optimism over continuation of EU/UK Brexit negotiations.
Strong bullish momentum on daily chart also underpins the action, which looks for clear break above 100DMA to open key resistances at 1.2642/60 (former double-top / 200DMA).
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Bids are expected at 1.2516/00 zone, with today’s close above these levels to keep bulls intact.
Res: 1.2570; 1.2600; 1.2647; 1.2660
Sup: 1.2516; 1.2500; 1.2467; 1.2396
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