Chart of the Day – GBPUSD – (July 16th, 2020)

The Cable has had a descent bid and pullbacks have been fairly minor as of late. With the EURUSD hovering at breakout points, the Cable should get some love and attention too. If the EU meeting over the weekend is favorable, it would usher in some USD weakness by default (EURUSD bullish) and the GBPUSD could see a move to the 200dma and key resistance (trend line from end of 2019 and early July highs) at the 1.2680/1.2700 level. A break of this resistance could put the 1.2960 127% extension in play fairly quickly.