Also heading back into swing areas from post Brexit trading
The GBPUSD has risen to the highest level since the end of September and in the process has moved back above a topside trendline at 1.3450. That line was broken yesterday, but failed. This is the 2nd try to in two days. Stay above is more bullish for the pair.
The move higher has also moved the pair into the swing high area that stalled rallies after the first Brexit tumble in 2016. Those highs came in at at 1.3532, 1.3479 and 1.3444 respectively and were broken in September for 3 weeks before failing. We are above the first key level at 1.3344. The next two are ahead. Fundamentally, the market rally is on the back of increased expectations that the Brexit negotiations are starting to make progress. There is still a long way to go, but progress is being made at least.
The buyers are trying to take control. Can they keep the momentum going.
