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GBP: Cable Rises to Two-Week High Amid Latest Dollar Weakness

GBP
  • Latest greenback weakness helps GBPUSD extend back above 1.27 and register a fresh two-week high in the process as we approach tomorrow’s election. Price action narrows the gap to initial firm resistance at 1.2740, the Jun 19 high, a break of which would highlight an early reversal signal which may target a move to 1.2860, the Jun 12 high.
  • Separately, it is also worth noting, EURGBP failed to recover back above 0.8500 earlier in the week (also 50-day EMA). This remains a key technical pivot for the cross, and while remaining below this level on a closing basis the outlook remains bearish.
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  • Latest greenback weakness helps GBPUSD extend back above 1.27 and register a fresh two-week high in the process as we approach tomorrow’s election. Price action narrows the gap to initial firm resistance at 1.2740, the Jun 19 high, a break of which would highlight an early reversal signal which may target a move to 1.2860, the Jun 12 high.
  • Separately, it is also worth noting, EURGBP failed to recover back above 0.8500 earlier in the week (also 50-day EMA). This remains a key technical pivot for the cross, and while remaining below this level on a closing basis the outlook remains bearish.