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With no major releases on the docket, I’m counting on existing market themes to extend GBP/USD’s uptrend.

Think the pound will receive more support in the next couple of hours?

Before we take a look at the setup, here are the Asian sessions’ biggest headlines:

Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • Canada’s CPI report at 12:30 pm GMT
  • U.S. house price index at 1:00 pm GMT
  • U.S. existing home sales at 2:00 pm GMT

What to Watch: GBP/USD

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

A quick look at the economic calendar tells us that there won’t be top-tier data releases in today’s London session trading.

Will this lead to an extension of yesterday’s risk-friendly environment?

Remember that bulls are on a roll as traders celebrate the EU’s recovery deal and U.S. leaders possibly doling out another batch of stimulus efforts before the month ends.

Before you buy the high-yielding pound like there’s no tomorrow, you should know that Asian equity markets are trading with mixed results while the safe-haven gold has hit new NINE-YEAR HIGHS.

If some sort of profit-taking hits GBP/USD, then it could fall back to the 1.2660 previous resistance level before finding support.

But if London session traders turn out for another day of risk-taking, then we could see Cable hit the 1.2800 handle before the end of the week.