SHORT-TERM STERLING BUYING GAINING MOMENTUM
The British pound has started to move higher against the U.S dollar after finding dip-buying from the 1.3514 level, creating a bullish double-bottom pattern above the former weekly trading-low. The GBPUSD pair currently trades around the 1.3550 level, with short-term upside momentum intact while price trades above the key 1.3514 level. Sterling traders may remain cautious over the coming day’s, ahead of Thursday’s key Bank of England interest rate decision.
The GBPUSD pair is intraday bullish while trading above the 1.3514 level, further upside towards 1.3585 and 1.3610 levels seems possible.
If the GBPUSD pair falls below the 1.3514 level, traders will likely test towards the 1.3500 and 1.3485 support levels.