GBP/USD (current price: 1.2678)
The pound finished a very bullish session compared to the Dollar yesterday. The British Parliament gave a green light to the government to start the Brexit talks with the European Union on Wednesday, but the Pound still managed to climb higher following a strong morning session. The British Manufacturing PMI was in line with expectations at 55.9, while the U.S. ISM Manufacturing PMI was slightly better than expected. The FED left its benchmark rate unchanged and gave no clear signal for a rate cut on its next scheduled meeting, pushing the USD lower in the evening.
Our assessment: The cross hit a new two-month high once again after a brief correction. Resistance is now found near the 1.285 level, with support below at 1.25.
