GBPUSD: Brexit optimism favors bulls

The GBP/USD pair is bullish according to technical readings in the daily chart, having advanced sharply above a bullish 20 DMA, and settling a couple of pips below the 100 DMA, offering a dynamic resistance at around 1.2515. Technical indicators maintain their upward slopes at monthly highs and near overbought readings, supporting a continuation of the ongoing rally. In the shorter term, and according to the 4 hours chart, the pair is also bullish as technical indicators continue advancing despite being well into overbought levels, while the price settled well above all of its moving averages.


Support levels: 1.2425 1.2380 1.2335

Resistance levels: 1.2515 1.2560 1.2600