The British pound has risen sharply higher against the U.S dollar, hitting 1.3293, during today’s Asian trading session. The GBPUSD pair is currently consolidating around the 1.3270 level, as broad-based strength in the British pound is being underpinned by a probable rate hike from the Bank of England tomorrow. GBPUSD traders now await the upcoming release of the United Kingdom’s Manufacturing PMI, for the month of October.
The GBPUSD pair is strongly bullish on an intraday basis while trading above the 1.3267 technical. Further buying above this level should be expected towards 1.3307 and 1.3360.
Should the GBPUSD pair decline below the 1.3267 technical level for a sustained period, sellers will likely push price-action back towards the 1.3222 and 1.3200 levels.
