GBPUSD dip buying still present
The British pound is struggling to reclaim the 1.2700 level against the US dollar after yesterday’s much weaker set of data points from the UK economy. However, dip-buying demand for sterling still remains present, with bulls still maintaining the upper-hand while price holds above the 1.2660 level. GBPUSD bulls are likely to place stops around the 1.2600 level ahead of today’s next round of UK data points.
The GBPUSD pair is only bullish while trading above the 1.2710 level, key resistance is located at the 1.2762 and 1.2817 levels.
The GBPUSD pair is only bearish while trading below the 1.2710 level, key intraday support remains at the 1.2680 and 1.2660 levels.