Cable stays perky after lift higher in overnight trading

Author: Justin Low | Category: News

GBP/USD pushes to its highest level since 22 November to start the day

GBP/USD H1 03-12
There's still plenty of election noise plaguing the pound but from a technical perspective, the slight nudge back above 1.2950 may give buyers something to shout about if they can move towards testing key near-term resistance around 1.2975-85 and the 1.3000 handle.

The bounce yesterday came after buyers leaned on the key hourly moving averages near 1.2900 and got a further lift from poor US data - which weighed on the dollar.

As such, buyers are in near-term control but I am still skeptical of any larger moves above the 1.3000 handle for the time being. Not when we still have election uncertainty to deal with in the week ahead.

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