GBPUSD NOW BULLISH ABOVE 1.3550 LEVEL
The British pound has quickly reversed fortunes against the U.S dollar, rising back above the 1.3550 level, following a sharp move lower in the value of the U.S dollar index. The GBPUSD pair had slipped to a weekly-low of 1.3482 during the European trading session, despite better than expected Manufacturing and Industrial production figures from the United Kingdom. U.S dollar weakness is now the main theme for financial markets moving into the U.S session, with sterling likely to press higher while the greenback remains pressured.
The GBPUSD pair has now turned intraday bullish, and will likely continue to gain towards the 1.3567 and 1.3612 levels while price trades above the pivotal 1.3550 zone.
Should price-action on the GBPUSD pair slip back below the 1.3550 level, intraday support is now found at 1.3537 and 1.3500.