The British pound continues to hold onto Monday’s strong gains against the U.S dollar, as traders scale-back positioning on the greenback, ahead of the release of the FOMC Meeting Minutes.
Intraday trading sentiment surrounding the GBPUSD continues to improve after last week’s sharp drop, although positioning may remain neutral until after the release of key UK economic data later today.
Later today, the United Kingdom will release key trade balance, manufacturing and industrial production figures for the month of August.
Any loss of the key 1.3150 level should see selling towards 1.3130 support, while further buying should be expected towards 1.3220 whilst the GBPUSD pair holds above its key 50-day moving average, located at 1.3150.
Key intraday technical GBPUSD support is located at 1.3150, 1.3130 and the pairs key 50-hour moving average, at 1.3108. Further support below the 1.3100 level is found at 1.3075 and 1.3029.
To the upside, key intraday resistance is found at 1.3183 and 1.3204. Once clearly above 1.3204, further resistance is found at 1.3220 and the pairs 200-hour moving average, at 1.3249.
