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Nov 20 - 11:55 AM

GBP/USD - COMMENT-Sterling Bulls, Hoping For Brexit Resolution, Eye Highs Above 1.33

By Paul Spirgel  —  Nov 20 - 10:05 AM

GBP/USD is trading at 1.32805, hovering just shy of its recent trend high above 1.3300.
Indeed, bulls are undeterred by recent UK COVID lockdowns and the dearth of significant progress, ex-lip service, on a resolution to never-ending Brexit transition talks.

That said, at least shorter-term, the recent rise may have run out of steam as bulls await good news on the Brexit or COVID fronts before attempting another leg higher toward 2020 highs by 1.3481.

Meanwhile, posturing on both sides of the Brexit negotiating divide continues true to recent form, with the EU optimistic a deal can be struck nB5N2HP03V and the UK on the defensive seeking to protect its sovereignty nS8N2GY0A5.

Technically, GBP/USD finds resistance at the Nov 11 trend high at 1.3322 and by the upper 30-d Bolli at 1.3329.
Support is by its rising 10-DMA at 1.3225.

A break above the trend high and upper Bolli will put Sep 1's 2020 high at 1.3481 and December’s post-election high at 1.3516 in sharper focus.

However, with significant headwinds around fishing rights and a level-playing-field, a deal that skirts these issues may result in a sell-the-fact event which may put daily cloud top support at 1.3079 and 100-DMA support at 1.2982 in bears sights.

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GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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