Rally off 1.30 zone, where a higher base is forming, accelerates on Tuesday (the pair is up 0.5% since today’s opening) and pressures 6 Aug high at 1.3185.
Rising fears over US elections add pressure to the greenback and inflate pound, which faces increased volatility as EU/UK trade talks resumed.
Firm break of 1.3185 is need to signal an end of consolidation phase and signal bullish continuation through 1.3199/1.3209 (9 Mar/31 Jan highs) that would expose 2020 high at 1.3265 (2 Jan). Bullish daily techs support the advance while weekly studies point to stronger advance that could extend towards Dec 2019 peak at 1.3514. Bull-cross of 5/10DMA’s offers solid support at 1.3087, guarding key 1.30 level.
Res: 1.3185, 1.3199, 1.3209, 1.3265
Sup: 1.3141, 1.3087, 1.3048, 1.3000
