The British pound has moved sharply higher against the greenback, following a stronger than expected UK Construction PMI and a reversal lower in the value of the US dollar index. The GBPUSD pair currently trades close to the key 1.3400 resistance level, with bullish trading momentum building across medium-term RSI and Stochastic indicators. Traders now await the release of US Factory Orders data and the intraday direction of the US dollar index.
The GBPUSD pair is strongly bullish while trading above the 1.3400 level, key resistance is located at the 1.3450 and 1.3490 levels.
If GBPUSD buyers fail to move price above the 1.3400 level, key technical support is found at the 1.3340 and 1.3300 levels.
