The British pound has moved sharply higher against the U.S dollar, after better than expected macro-economic data from the United Kingdom economy, and intraday weakness in the U.S dollar index. The GBPUSD pair briefly traded above the 1.3200 level during the European trading session, after UK Average Earning Wage data increased better than economists had expected. Price-action has now pulled back towards the 1.3150 level, ahead of the release of U.S inflation and Retail Sales data later today.
The GBPUSD pair remains intraday bullish while price-action trades above the 1.3130 technical level. Further upside back towards the 1.3168 and 1.3200 levels appears likely. Extended resistance is found at the 1.3268 and 1.3320 levels.
Should price-action decline below the 1.3130 level, sellers will likely move to test the 1.3109 level. Extended intraday GBPUSD support is found at the 1.3075 and 1.3038 levels.
