GBPUSD EDGES CLOSER TO 1.3100 LEVEL
The British pound has moved closer to 1.3100 resistance level against the US dollar during the European trading session, with price hitting 1.3084. Traders will now look for a clear break of the 1.3040 to 1.3084 price range for the next strong directional move in the GBPUSD pair. The key risk events for sterling are the US mid-term election results and UK PM Theresa May’s meeting with Cabinet Ministers later today.
The GBPUSD pair is intraday bullish while trading above the 1.3040 level, key resistance is found at the 1.3100 and 1.3155 levels.
If the GBPUSD pair moves below the 1.3040 level, sellers are likely to test towards the 1.3000 and 1.2965 support levels.