The British pound has moved towards a four-week trading high against the U.S dollar, after weaker than expected United States economic data, provoked a strong sell-off in the U.S dollar index.
So far, the GBPUSD pair has traded as high as 1.3044, with price-action now consolidating well above the 1.3000 level, around the 1.3020-30 support zone.
The GBPUSD pair has turned bullish in the short and medium-term, after yesterday’s strong breakout from range-bound trading conditions.
Key intraday technical resistance is found at the August 7th price high, at 1.3059, and the monthly pivot point, at 1.3080. Above 1.3080, the 1.3110 and 1.3125 level offer strong weekly price resistance.
Key intraday technical support for the GBPUSD pair is found at the daily pivot point, at 1.2998, and the 50-day moving average, at 1.2980.
Below the 1.2980 level, further intraday support is found at the 1.2967 and 1.2948 levels.
