GBPUSD ONLY BULLISH ABOVE 1.3400 LEVEL
The British pound has reversed its fortunes against the U.S dollar, with price-action now testing the 1.3400 level, after declining towards the 1.3330 region on Tuesday. Technically, the GBPUSD pair has created a bullish triple-bottom pattern, indicating that buying demand is still strong above the 1.3300 mark. Overall buying interest above 1.3400 is limited at present, with the pair still struggling to break the 1.3418 weekly price-high. Traders now look an upcoming speech from Bank of England Governor Mark Carney, and the release of U.S Existing Home Sale figures for November.
The GBPUSD pair will remains intraday bullish while trading above the 1.3400 level. Intraday upside price-targets are currently 1.3418 and 1.3450.
Should price-action on the GBPUSD pair move below the 1.3400 level, further intraday selling towards 1.3360 and 1.3330 seems likely.