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Cable continues to climb as buyers extend upside break above key resistance levels


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GBP/USD moves to a session high of 1.3059


ForexLive

Markets are still relatively steady but pound buyers are looking to continue their run from yesterday with cable having securing a break above key resistance levels.
Of note, cable buyers took out the 200-hour moving average, the 100-day moving average (red line), the 200-day moving average (blue line), and the downwards trendline from early March in overnight trading, which has resulted in a more bullish momentum.
There is some minor resistance around 1.3050 but thereafter, offers and resistance is only seen closer to 1.3100-10 so that gives a bit of room for buyers to keep the upside bias going in the session ahead before we approach the FOMC meeting.
In between though, we do have some UK data still to come with the April manufacturing PMI and consumer credit data set to be released at 0830 GMT.

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