Cable erases gains on the day as Brexit optimism falls flat

Technical Analysis

Author: Justin Low | gbpusd

Comments by the European camp earlier are finally settling in

GBP/USD D1 20-09
The risk for buyers now is if price starts to fall back below 1.2500, that wouldn't be a confident sign of a major break signaling further upside momentum.

The 100-day MA (red line) is seen @ 1.2489 with the 100-hour MA @ 1.2473. Those will be key levels to eye in terms of any potential break to the downside moving forward.

As for now, it's been a minor reality check for buyers after cable touched a high of 1.2582 earlier in the European morning only to fall close to 1.2520 currently.

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