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GBP/USD remains bid around 1.3100

  • Cable regained 1.3100 and above on Monday.
  • Renewed optimism around Brexit underpins GBP.
  • Cable appears supported around 1.3040.

The bid tone around the British Pound remains well and sound on Monday, lifting GBP/USD back to the area above the critical barrier at 1.3100 the figure.

GBP/USD finds support near 1.3040

After bottoming out in the 1.3045/40 band, GBP seems to have found dip-buyers that pushed spot back above the 1.3100 handle.

In addition, renewed optimism around the Brexit negotiations seems to be lending much-needed oxygen to the Sterling, which is extending the up move for the second session in a row so far today.

Further news around GBP comes from the speculative community, which turned net long once again for the first time since mid-October during the week ended on October 31, as per the latest CFTC report.

Data wise in the UK, the more relevant releases will come on Friday with September’s trade balance figures and industrial/manufacturing production results.

GBP/USD levels to consider

As of writing the pair is up 0.21% at 1.3104 facing the next hurdle at 1.3127 (high Nov.6) followed by 1.3167 (10-day sma) and then 1.3189 (21-day sma). On the other hand, a breach of 1.3039 (low Nov.3) would expose 1.3027 (low Oct.6) and finally 1.3017 (38.2% Fibo of the 2017 up move).

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