GBPUSD MACD DIVERGENCE CONTINUES
The British pound has moved to a fresh monthly trading high against the US dollar after the UK economy posted better than expected wage earnings data this morning. As the GBPUSD pair rises, the MACD indicator continues to highlight price divergence across the lower time frames. Buyers will likely target the 1.3100 resistance level, while sellers will look to move price below the 1.3040 support level.
The GBPUSD pair is only bullish while trading above the 1.3040 level, key resistance is found at the 1.3100 and 1.3145 levels.
If the GBPUSD pair moves below the 1.3040 level, price may correct back towards the 1.3000 and 1.2955 support levels.