GBP/USD: Bulls unstoppable, 1.4500 – a whisker away

The bullish pressure behind the GBP/USD pair intensified in the Asian session, with the bulls extending the rebound from three-week troughs in response to the increasing support for anti-Brexit.

GBP/USD trades above all major hourly MAs

Currently, GBP/USD jumps +0.56% to 1.4483, receding slightly from session tops printed at 1.4493 some minutes ago. The cable ran through fresh bids over the last hour after the buying interest around the black gold picked-up pace, which further fuelled persisting risk-on rally in the Asian markets. The Nikkei 225 index now surges nearly 1% versus +0.50% seen earlier this session.

However, the main catalyst behind the recent rebound in the GBP/USD pair is the increasing anti-Brexit campaign as we remain just a month away from the EU referendum.
The latest Brexit latest poll (ORB) saw 55% want in, 40% want out, an outcome which is considered in favour of the British pound.

Next of note for the major remains the CPI reports from both the UK and US due later today, besides, a host of relevant macro releases will be also closely watched before Wednesday’s FOMC minutes release.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4497/1.4500 (daily R1/ round number), above which 1.4550 (daily R2/ psychological levels) would be tested. On the flip side, support is seen at 1.4436/24 (1h 200-SMA/ 10-DMA) below that at 1.4310/00 (Apr 22 Low & round figure).