Cable brushes aside earlier whipsaw to firmly break the 1.25 handle

Technical Analysis

Author: Justin Low | gbpusd

We are certainly off to the races now as the pound surges higher on the day

GBP/USD D1 11-10
Cable is up to a session high of 1.2544 currently as buyers brush aside the earlier whipsaw fiasco to push the pound higher again.

The next key resistance point now is the September high at 1.2582 but given how sentiment is developing, it will be tough to stop the building optimism surrounding a Brexit deal at the moment unless negative headlines start seeping in.

Otherwise, it is very much a buyer's market for cable as the tide looks to have turned in the Brexit rhetoric.

As mentioned earlier, if we do see this continue, 1.30 may just be the first stop for cable as a Brexit deal suddenly looks plausible despite some complications yet to be resolved.

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