- GBP/USD steadied below 1.33 before rebounding.
- Bulls failed to break meaningfully above 200-hour SMA and faltered before 1.34.
- A sustained move below the 1.3300-1.3290 could trigger a bearish move.
GBP/USD performed a U-turn, bouncing from under 1.33 100 pips higher hitting a daily high before easing back to 1.3360..
The move higher came after British Cabinet Minister Michael Gove announced an agreement in principle on all issues in the UK-EU Withdrawal Agreement. Even so, bulls failed to capitalize on the jump higher struggling above 200-hour SMA and stalling prior to 1.34.
The next relevant bullish target is near 1.3435-40 prior to the key 1.3500 psychological mark.
Alternatively, support is seen at 1.3300-1.3290 which if broken will negate the bullish bias.