The Pound rallies as news reports suggested that a group of UK parliament ministers are backing a parliamentary bid to make it legally impossible for the UK to leave the EU without a deal. The possibility that a no deal scenario might be removed eases concerns about the UK's future going forward. Keep in mind that the no deal option has always served as a drag on the Pound's performance. For today, not only should Pound investors monitor any Brexit related news, but they should also monitor the release of the UK Retail Sales figures for December.
The pair breaks above the 1.2894 resistance level and rises towards the 1.3004 resistance. The pair's momentum is currently bullish as prices are now trading well above all the three major moving averages. Going forward, the next leg up towards the 1.3060 resistance level will be confirmed after a break of the 1.3004 resistance.
Support: 1.2894/ 1.2834
Resistance: 1.3004 / 1.3060