GBPUSD BUYERS FIRMLY IN CONTROL
The British pound continues to trade to the upside against the US dollar despite much weaker than expected PMI Services data from the UK economy during the month of October. Positive Brexit news is driving the intraday sentiment surrounding the GBPUSD pair, with traders using pullbacks as buying opportunities. The MACD indicator on the lower time frames is also starting to stabilize after correcting from overbought conditions.
The GBPUSD pair is bullish while trading above the 1.3000 level, key resistance is now found at the 1.3040 and 1.3100 levels.
If the GBPUSD pair moves below the 1.2952 level, sellers may test towards the 1.2900 and 1.2866 support levels.