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10 Nov 2017

GBP/USD spikes to 1-1/2 week tops, 1.32 mark back on sight

   •  Gains some positive momentum on Brexit headlines.
   •  Follow through up-move needed for additional gains. 
   •  NIESR's update on the UK's GDP outlook eyed.

The GBP/USD pair caught some strong bid over the past hour and jumped to 1-1/2 week tops, closer to the 1.3200 handle. 

The pair initially struggled to gain traction despite stronger UK manufacturing/industrial production data and held within its three-day old trading range. However, the latest comments from the EU's chief Brexit negotiator, Michel Barnier, and his UK counterpart, David Davis, seems to have eased concerns over a possible hard Brexit scenario and provided some positive momentum to the British Pound.

Moreover, possibilities of some short-term trading stops being triggered on a decisive move beyond the 1.3170 region might have also collaborated to the pair's sharp spike over the past hour or so. Hence, it would be prudent to wait for a follow-through momentum to see if the up-move is backed by any genuine buying interest or is only a stop run. 

Meanwhile, a softer tone around the US Dollar, amid the disappointment from the long-awaited tax legislation, remained supportive of the pair's uptick on the last trading day of the week. 

Traders now look forward to the NIESR's update on the UK's GDP outlook for some impetus. This followed by the Prelim UoM Consumer Sentiment Index from the US would determine the pair's momentum through the NY trading session.

Technical levels to watch

Momentum beyond the 1.3200 handle could get extended towards the 1.3225-30 heavy supply zone ahead of 50-day SMA hurdle near mid-1.3200s. On the downside, retracement back below 1.3150 level could drag the pair towards 1.3110 support area en-route 1.3085 strong support.
 

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