GBPUSD ONLY BULLISH ABOVE 1.3360
The British pound is starting to turn higher against the U.S dollar, as buyers start to test intraday demand above 1.3360 level. The GBPUSD pair has moved higher on broad-based weakness in the U.S dollar index, with the decline getting underway during the European trading session. Pound sellers failed to push price-action below the key 1.3300 level, further encouraging dip buyers to step-in, and attempt another technical re-test of the 1.3360 level. Traders now await the release of key housing, wage and inflation data from the United States economy this week.
GBPUSD buyers retain control of the pair while price-action trades above the 1.3360 technical level. The 1.3400 and 1.3442 levels remain the key upside resistance levels.
Should price-action fall below the 1.3360 level, sellers will likely push price action back towards the 1.3330 and 1.3300 support levels.