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GBPUSD – 1.2500 Breakout?
After months of decidedly dour news, cable bulls finally git a shot in the arm today with news of a court ruling that will likely force the government of PM May to take the Brexit issue to a Parliamentary vote. A final appeal is scheduled on the first week of December but the ruling will likely be upheld.
It’s unclear whether in the end this will make much of a difference with regard to “hard Brexit” but at least for now it slows the process and puts enough of a doubt in the minds on investors to possibly go bargain hunting with cable.
On the economic front the news continues to be positive with latest PMI Services report showing steady improvement and the Bank of England no longer holding a very dovish posture towards monetary policy. All of this adds up to a possible rally in cable as the pair has now carved a strong level of support in the 1.2200-1.2400 zone and could break the key 1.2500 level to truly bust out to the upside targeting the 1.2700 pre flash crash level.