Technical Analysis

Sterling Trades Above 1.3300

Typography

The British pound has moved to a new 2017 trading high against the U.S dollar, for a second consecutive day. Price-action broke above the 1.3289 level, hitting 1.3315 during the Asian trading session.

During the upcoming European session, GBPUSD traders will await the next directional move in sterling, after the release of key wage earnings and jobs data from the United Kingdom economy.

The GBPUSD pair remains strongly bullish on all-time frames, with price-action fast approaching the trend defining 100-week moving average.

Key intraday technical resistance is located at the 1.3328, 1.3347 and 1.3380 levels, with the pairs 100-week moving average, at 1.3398.

Key intraday GBPUSD technical support below the 1.3300 level is located at 1.3289, with the former monthly high, at 1.3268.

The daily pivot point is located at 1.3252, with further support coming from the former swing price low, at 1.3228.

OctaFX
Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client's needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions.
More from the author