GBPUSD is breaking outÂ
GBPUSD is breaking above 1.3200 resistance. We had a retest now and a confirmed break above this resistance is giving us a higher probability of the long trade entries. A break below 1.3200 is required for the upside invalidation. The overall medium-term is an uptrend but we need to see and a continuation above 1.3500 which would mean a hard upside extension. GBPUSD is in the upside continuation price action formation with this break higher above the congestion wedge.
Note – We are inclined to long trade entries with the stop loss below 1.3200.
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Cable ticks up to 1.3285 after better than expected UK Oct retail sales data
- Up 1.2% MM vs 0.0% f/c, up 5.8% YY vs 4.2% f/cÂ
- 1.3282 was Asian session high (pre-UK data) after Mnuchin hurt USD
- Mnuchin pulls the plug on some lending programs that the Fed considers essential
- 1.3198-1.3279 was Thursday’s range (low before high)
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EU and UK officials work remotely to try and agree on a trade deal
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