The Cable benefited from the recent US Dollar weakness amid the escalation of civil unrest in the US, pushing the pair above the 1.25 resistance. This recent bullish momentum will likely continue after yesterday’s Brexit-positive reports suggesting that the UK policymakers might compromise on fisheries and on some other major trade rules. The last full round of Brexit talks, starting today, will be the key to determine near-term Cable moves. The bulls will need a break above 1.2550 for further upside towards 1.2640.
Support: 1.2480/ 1.2425
Resistance: 1.2550 / 1.2640
