Sterling continues to move higher during the European trading session, as the U.S dollar index comes under selling pressure, ahead of the European Central Bank’s policy decision in Frankfurt, later today.
Currently, price-action is testing resistance towards the current the 1.3100 region, which the pair now trading above the 1.3082 level, which represents the former monthly pivot point for the GBPUSD pair.
This afternoons price moves in the GBPUSD pair, may be strongly correlated to the direction the EURUSD pair takes, during and after ECB President Mario Draghi’s press conference.
Key technical resistance above the 1.3100 level is located at 1.3125,1.3190 and 1.3220.
To the downside, intraday GBPUSD support is found at 1.3045, 1.3019, and the daily pivot point, at 1.2998. Below the 1.2998 level, the 50-day moving average becomes key support, at 1.2984.
