Boris’ Moves Set To Unleash A Sterling Surge, Levels To Watch

Congress passed the $900 billion stimulus bill which had already been announced over the weekend, providing calm to markets.

GBP/USD Technical Analysis

Pound/dollar is still suffering from downside momentum on the four-hour chart but has swiftly recaptured the 50, 100 and 200 Simple Moving Averages and the Relative Strength Index has stabilized (FXB, UDN, UUP).

Some resistance awaits at 1.3540, a high point last week, followed by 1.35, Monday’s swing high. It is followed by 1.3535, another temporary peak, and then by the 2020 top of 1.3622.

Support awaits at the daily low of 1.3380, followed by 1.3325, which is where the 200 SMA hits the price. Further down, 1.3280 and 1.3185 await cable.

More Three reasons to expect a sustained Santa rally for sterling.

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