GBPUSD MOVES ABOVE THE 1.2800 LEVEL

The GBPUSD pair has so far looked past today's Brexit negotiations, and moved higher in the European trading session, breaking above the key 1.2800 handle, and moving to a current intraday trading high of 1.2814.

At the present, the GBPUSD is being technically driven, and largely ignored the latest news that the Conservative Party are still in talks with the Democratic Unionist Party, and yet to strike a final deal to form a coalition government.

Technically the GBPUSD pair remains bullish in the short and medium term, with the price now trading above the H1 time frame 200 period moving average at 1.2782.

GBPUSD upside is currently being defended by the 50 percent Fibonacci retracement, from the 1.2948 drop high to the recent price low at 1.2636, located at 1.2806.

Should price close above 1.2806 on a higher time frame basis, GBPUSD buyers will then be encouraged to target the 1.2840 and 1.2860 levels.

To the downside, support is located at the 200 period moving on the mentioned time frame at 1.2782, with the weekly pivot point acting as the foremost intraday support at 1.2744.