GBPUSD testing daily pivot
The British pound is testing back towards the pivotal 1.3050 against the US dollar after the pair found strong technical resistance from the 1.3100 level on Wednesday. The GBPUSD pair may start to decline back towards 1.3000 level if the 1.3050 support level is breached. Overall, traders remain cautious ahead of today’s Bank of England interest rate decision.
The GBPUSD pair is only bullish while trading above the 1.3050 level, key resistance is found at the 1.3100 and 1.3130 levels.
If the GBPUSD pair trades below the 1.3050 level, key intraday support is remains at the 1.3000 and 1.2970 levels.