The British pound has started to recover against the U.S dollar, hitting 1.3177, amidst a broad-based sell-off in the U.S dollar index that began on Monday. Technical buying interest has accelerated in the GBPUSD pair, after intraday buyers pushed price-action clearly back above the 1.3130 resistance level. The pair currently trades towards the highs of the week, with financial markets attention now firmly focused on the upcoming speech by FED Chair Janet Yellen during today’s U.S trading session.
The GBPUSD pair has turned intraday bullish while trading above the 1.3160 level. Further upside towards the 1.3200 and 1.3259 levels remains most likely while price-action holds above the 1.3160 region.
Should price action fall below the 1.3160 level, a decline towards the 1.3130 seems possible. Further extended GBPUSD intraday support is found at 1.3096 and 1.3070.
