GBPUSD TESTING KEY RESISTANCE AREA

The British pound has recovered marginally higher against the US dollar during the European trading session, with the recovery extending towards the 1.3120 region. The move higher has been caused by weakness in the US dollar index, with buyers now attempting to stabilize price above the 1.3100 level. Sellers have so far failed to hold price above the key 1.3113 level, while the one-hour MACD indicator has started to trend higher.

• The GBPUSD pair is only bullish while trading above the 1.3113 level, key resistance is then found at the 1.3200 and 1.3255 levels.
• If the GBPUSD pair continues to fail around the 1.3113 level, key support is found at the 1.3070 and 1.3030 levels.