The five month long down trend in the GBP/USD that began on March 14 this year may be coming to an end. Boris Johnson showing some spine and negotiating with vigor has exacted cooperation from EU leaders.
There are cracks of light shining through the seeming impasse that has characterized Brexit negotiations to this point. Politicians are playing against type and actually showing some responsibility
GBP/USD has jumped above 1.2200 after European leaders showed flexibility regarding the controversial Irish backstop in the Brexit accord. What technical levels should we watch? The Technical Confluences Indicator is showing that resistance awaits at 1.2261, which is the convergence of the Bollinger Band 4h-Upper and the Fibonacci 23.6% one-month. It is followed closely by 1.2280, where we see the [ Where next for GBP/USD after the Brexit bump? Levels
The optimism is clearly showing in the pound with price reversing up to the 30MA. Possibly higher?
Chart courtesy of Metaquotes Ltd.