GBP/USD: Bulls take an overnight upsurge to 7-month tops

The GBPUSD broke through resistance pushing on with the uptrend.Looking at our chat on a Daily Time Frame……we see the pair broke out from resistance @ 1.30000 region ….and we waiting for a pullback to get a nice entry to take the price up……We’ve got major resistance hanging above,which will be a challenge point for further higher prices.

The British pound was the top-performing currency on Wednesday and remained well supported by the fact that the incoming UK election polls have been indicating a majority for the Prime Minister Boris Johnson’s Conservative Party.

The GBP/USD pair added to this week’s positive move and gained some strong follow-through traction, rallying around 140 pips to its highest level since early May. The positive momentum was further supported by an upward revision of the UK Services PMI and seemed rather unaffected by a late US dollar rebound.

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05 Dec 2019 12:26 pm Posted by admin