GBP/USD: Further bullish strength above 1.265

The cable near-term set-up remains tilted in favour of bullish traders and support prospects for additional gains, FXStreet’s analyst Haresh Menghani reports.

Key quotes

“GBP/USD on Tuesday confirmed a near-term bullish break through an important confluence resistance comprising of 50-day EMA and 61.8% Fibonacci level of the 1.3200-1.1410 slump.”

“Bulls are likely to wait for some follow-through strength beyond 100-hour EMA, around mid-1.2600s, before positioning for any further near-term appreciating move.”

“On the flip side, any meaningful corrective slide might now attract some dip-buying and seems more likely to remain limited near the confluence resistance break-point, around the 1.2520-15 region.”