Bullish Cable again
The British pound is ending the month of February with a bullish move, up 0.50% after rumors of brexit delay in case a deal cannot be agreed on before end of March; offering some market relief and helping GBP/USD recovering almost all its February decline.
Looking at the chart, the pair is trading above its main MAs which indicates positive momentum. Also broke a downward trend line capping upward movement since May.
Plus, trade optimism between China and the US offered some more market relief.
Technically: the trend is neutral to bullish - next resistance being 1.316 (Feb high, 240 Day SMA) , followed by 1.322 (Jan high, 100 Week SMA).
Trade Safe.
Looking at the chart, the pair is trading above its main MAs which indicates positive momentum. Also broke a downward trend line capping upward movement since May.
Plus, trade optimism between China and the US offered some more market relief.
Technically: the trend is neutral to bullish - next resistance being 1.316 (Feb high, 240 Day SMA) , followed by 1.322 (Jan high, 100 Week SMA).
Trade Safe.
Ramzi Abou Abdallah, CFTe, CMT
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