The British pound had turned lower against the U.S dollar during the European trading session, following softer UK data and a minor recovery in the U.S dollar index. In early Wednesday trading, the GBPUSD pair moved to its highest trading level since September 20th, hitting 1.3613. Selling momentum is currently accelerating on the H4 time frame, with the 1.3550 technical level the key daily pivot point for intraday direction. Traders now look to the United States ISM Manufacturing PMI and the release of the FOMC Meeting Minutes later today.
The GBPUSD pair is only intraday bullish while trading above the 1.3550 technical level. Buyers may target the 1.3610 and 1.3657 upside targets.
Should price-action on the GBPUSD pair move below the 1.3550 level, sellers will likely target the 1.3500 and 1.3468 support levels.
