Cable boosted in early Asia, no news attributed

The Sterling jumped aggressively in iliquid Asian market conditions, gunning through a sticky level of resistance at 1.3030, and taking out stop loss orders in the process to reach its highest level since Sept 23 at 1.3060.

The strength seen in GBP/JPY (a pop of 60 pips) has been the main contributor allowing GBP/USD to break higher, also dragging into higher territory USD/JPY, last exchanging hands at 100.91 session highs after breaking through the upper band of its daily balance area.

A rather unexpected OPEC oil production limit deal, with cut allocations to be decided at their meeting in November 30th, has been perceived a short term positive for risk seeking strategies, resulting in higher commodity-linked currencies; such environment is also seen as constructive for a higher GBP/USD barring any re-emergence of Brexit-related political headlines, which may turn the tide fairly quick.

Valeria Bednarik, Chief Analyst at FXStreet, provides the following levels of support and resistance. Support levels seen at 1.2980, 1.2950, 1.2910. Resistance levels found at 1.3040 (now broken), 1.3075, 1.3110.