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GBP/USD Price Analysis: Refreshes 12-day top but rising wedge on 4H probes the bulls
GBP/USD rises to the highest in more than two weeks while trading around 1.2985, the intraday top being 1.2992, during the early Tuesday morning in Asia. In doing so, the Cable attacks 38.2% Fibonacci retracement of the September month’s downside amid upbeat RSI conditions.
However, a bearish chart pattern, the rising wedge, on the four-hour chart (4H) challenges the GBP/USD buyers above the 1.3000 threshold. Other than the upper line of the sellers’ favorite chart play, 200-bar SMA also adds strength to the 1.3015/20 resistance confluence.
GBP/USD Forecast: Progress in Brexit talks could push it beyond 1.3000
The GBP/USD pair traded as high as 1.2991, underpinned by the ruling upbeat mood. The pair not only found support in rallying equities but also in mounting hopes for a breakthrough in Brexit talks. Despite the EU and the UK remaining far apart in some critical issues, UK PM Johnson and EU Commission leader, Ursula von der Leyen had agreed to extend negotiations until October 31, a sign that none of them favors a no-deal exit. Two weeks of intense talks began this Monday.
