GBP/USD rises to its highest level since 15 November


And the break is on. The Cooper amendment is gaining more backing and that only reinforces the notion that a no-deal Brexit outcome is being pushed further to the sidelines. The pound is surging ahead now as stops are triggered above the 1.3000 handle.

The high for the day now reaches 1.3024. Looking at the daily chart:

GBP/USD D1 23-01-2019

Resistance is now seen at around 1.3050 before the 200-day MA (blue line) comes into play at 1.3068. A break of the latter will be a significant game change for cable from a purely technical perspective as it means that the bias in the pair would turn more bullish.

As odds of a no-deal Brexit continue to diminish, the pound's upside run looks to be gaining some serious legs at this point.