Important Fibo barrier at 1.3676 is coming in focus
Cable hits new 2020 highs and pressuring 1.36 barrier, as strong bullish acceleration extends into third straight day, advancing nearly 2% since Tuesday’s opening.
Rising hopes of eventual Brexit trade deal keep pound inflated, along with improving global risk sentiment on vaccine / economic recovery acceleration hopes.
Break of former top at 1.3514 (2019 high) opens way towards target at 1.3676 (Fibo 76.4% of 1.4376/1.1409 downtrend) violation of which would unlock psychological 1.40 barrier.
Technical studies are in strong bullish setup on all larger timeframes and support the advance.
Res: 1.3600; 1.3634; 1.3676; 1.3693
Sup: 1.3538; 1.3495; 1.3434; 1.3395