Cable extends gains as pound continues to climb; takes a peek above key resistance levels

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GBP/USD moves above the 1.3000 handle


Buyers established near-term control in the pair earlier today and they have been unrelenting so far, pushing above the 1.3000 handle now. There is some minor resistance around 1.3019 from the 23 April high but the daily chart is where the action is right now for cable:

Price is now looking to hold a break above the key daily moving averages but also attempting to break above the key downwards trendline that has been holding since early March. It will prove to be a significant break as it will put an end to the lower highs, lower lows trend we’re seeing in cable over the past few weeks.
With Brexit headlines still centered around talks between the government and Labour — as well as May’s position being threatened — traders will have little to work with this week but technical levels are the bread and butter for any trading bias so perhaps the break here could lend itself to a further upside move in the coming days.



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