GBPUSD TESTING ABOVE 1.2600 LEVEL
The British pound has moved back above the 1.2600 level against the US dollar during the European trading session, following dip-buying demand and solid UK Wage data. Buyers need to move price above neckline resistance, at 1.2657, to negate the heavily bearish sentiment surrounding the GBPUSD pair. Sterling traders now await further news from British PM Theresa May’s meeting European leaders, scheduled for later today.
The GBPUSD pair is strongly bearish while trading below the 1.2657 level, key technical support is found at the 1.2550 and 1.2500 levels.
If the GBPUSD pair trades above the 1.2657 level, key intraday resistance is found at the 1.2675 and 1.2700 levels.