Strong bullish acceleration surged through key barriers
Cable surged through pivotal 1.30 barrier (Fibo 38.2% of 1.3209/1.2871), following mild negative reaction on resignation of Britain’s finance minister Javid amid reshuffle PM Johnson’s cabinet.
Pound maintained positive tone from past three days and accelerated higher, generating bullish signal on break of 1.30 trigger and extension through a cluster of daily MA’s (20/30/55) and 200WMA.
Bulls pressure next pivot at 1.3080 (Fibo 61.8% of 1.3209/1.2871), with break here to confirm higher low at 1.2871 and unmask key barrier at 1.3209 (31 Jan high).
Broken 1.30 barrier is reinforced by 10DMA and now marks solid support which needs to hold and keep bulls in play.
Res: 1.3065; 1.3080; 1.3129; 1.3183
Sup: 1.3040; 1.3025; 1.3000; 1.2944