Cable breaks the 200-day moving average for the first time since May

Technical Analysis

Author: Adam Button | gbp

Cable climbs to the highs of the day

A report suggesting the UK and EU are on the cusp of a Brexit deal has sent the pound to the best levels of the day.

Cable is up 135 pips to 1.2743. The break above 1.2714 is the first rise above the 200-day moving average since May. With the break, the next level to watch is the June high of 1.2784 and the figure at 1.2800.
Cable climbs to the highs of the day

The rise in the pound has also lifted EUR/USD and yen crosses.

Update: Fresh highs in GBP/USD to 1.2797, breaking the June high and touching the best level since May 16.
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