The British pound moved to a 5-week trading high against the U.S dollar on Friday, hitting 1.3360. The pair currently trades around the 1.3320 level, as the greenback slightly advances, after coming under intense selling pressure on Friday. The GBPUSD pair has a series of key macro-economic risk events this week, including UK and U.S GDP releases, and Manufacturing data from both sides of the Atlantic. The dip buying mentality that we have seen in sterling, is likely to continue whilst the 1.3307 technical support level is strongly defended.
The GBPUSD pair remains strongly technically bullish while holding price-action above the 1.3307 level. Further upside towards the 1.3360 and 1.3400 levels appears possible this week.
Should price-action on the GBPUSD pair start to decline below the 1.3307 support level, sellers will likely push the pair towards the 1.3268 level. Extended support is found at the 1.3230 level.
