The recent volatility around Cable has managed to push the pair above 1.3000 handle, According to ADS Securities. Will GBPUSD volatility push prices higher?
19 May, ADS Securities – Yesterday, the Pound moved above its 1.3000 handle for the first time in nearly eight months after a stronger-than-expected surge in the UK’s retail sales in April. However, it retreated at the end of the session to close at 1.2936, as the jobless claims in the US fell to its lowest level since 1988.
Will GBPUSD volatility push prices higher?
Presently, the pair is trading with a mild bullish showing on the 1H chart, hinting at positive momentum in the coming session. Also, a likely signal line crossover from below by the MACD, further endorses the above stance.
Key resistance is positioned at the 1.2990 level, followed by the 1.3015 and crucial 1.3050 levels. A surge above the latter might trigger upside momentum in the pair. On the flipside, key support is seen at the 1.2925 where EMA 200 is placed, followed by the 1.2900 and 1.2870 levels.
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