The GBPUSD pair has moved to a ten-day trading high, hitting 1.2924 during the weekly price open. Sterling’s move higher in Asia was provoked by broad-based weakness in the U.S dollar index.
At present, the GBPUSD pair has fallen back below the 1.2900 handle, with price currently trading around the key 1.2875 region, as day traders take profits from over extended levels.
The GBPUSD pair is currently strongly bullish on an intraday basis, but remains bearish in the medium and long-term below the 1.2920 level.
Key intraday technical support is found at the daily and weekly pivot points, converging in the 1.2854-1.2856 region. Below the 1.2854 level, the 1.2932 level offers critical weekly support.
Key intraday technical resistance is found at the 1.2890 level, with the 100-day moving average, acting as critical resistance, at 1.2920.
A move above the 1.2924 level, opens the door for a bullish advancement towards the GBPUSD pairs 50-day moving average, at 1.2982.
