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Cable pushes higher as pound extends gains on the day

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GBP/USD rises to a high of 1.2778 on the day


There isn’t any particular headline for the jump here but it’s mostly a follow through of the price action seen earlier in the day. The lackluster services PMI put a halt in the jump but the quick rebound after the data release shows that buyers are still looking poised.
However, as mentioned then, with poor data and Brexit woes still in the picture, it will definitely give fuel for rally sellers to pounce on this opportunity at the right levels. Currently, price looks to be moving towards a test of the 200-hour MA (blue line).
If buyers hold a break above that, the near-term bias turns more bullish. But the key resistance level will be the swing highs this week around 1.2820-40. I reckon that and the 1.2800 will still limit any potential upside moves on the day unless something in the Brexit rhetoric changes. 

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