The British pound has recovered the 1.3100 handle against the U.S dollar, hitting 1.3126, as the new trading week gets underway. The British pound is attracting early buying interest, ahead of speech from UK Prime Minister Theresa May, who is scheduled to address the conference of the Confederation of British Industries later today. The GBPUSD pair currently trades around the 1.3110 level, as traders await May’s speech and the next directional move in the U.S dollar index.
The GBPUSD pair remains bearish while trading beneath the 1.3130 technical level. Further declines should be expected towards the 1.3070 and 1.3048 levels.
Should price action move above the 1.3130 level for a sustained period, further upside towards 1.3160 and 1.3259 remains possible.
