Pound Sterling Price News and Forecast: GBP/USD's 50-day EMA, 11-week-old resistance line in focus
by FXStreet TeamGBP/USD Price Analysis: 50-day EMA, 11-week-old resistance line in focus
Having flashed over 1.0% gains the previous day, GBP/USD buyers catch a breather around 1.2330/35 amid the early Asian session on Wednesday.
While bulls are cheering the MACD histogram’s favor after many days, fresh entries are likely awaiting the sustained break of 1.2370/80 area including 50-day EMA and a falling trend line from March 09.
GBP/USD: Bulls rocket to critical resistance area, pause for thought
The pound has been the outperformer, living up to its tendency to really move when it gets going. GBP/USD rallied from a low of 1.2176 to a high of 1.2363 on the day. Meanwhile, the next round of Brexit talks gets underway next Monday. There have been headlines circulating that British negotiators could seal their first major victory in their next talks with the European Union and encourage concessions from the bloc on its "maximalist" fisheries demands.
