Key resistances at 1.2642/62 coming in focus
Cable broke above 100DMA (1.2565) on Wednesday and dented 1.2600 barrier, hitting one-month high at 1.2611.
Optimism over EU/UK Brexit negotiations and falling dollar underpin sterling, keeping the pair in green for the fifth consecutive day.
Tuesday’s close above 1.2508 (Fibo 76.4% of 1.1.2642/1.1074) added to positive signals as bulls look for close above 100DMA that would open way for attack at key barriers at 1.2642/62 (30 Apr high / 200DMA).
The action in US session trading holds around 100DMA, with broken Fibo resistance at 1.2508 (reverted to support) expected to keep the downside protected and maintain strong bullish bias.
Res: 1.2611; 1.2642; 1.2662; 1.2700
Sup: 1.2544; 1.2508; 1.2478; 1.2457