GBPUSD BULLISH ABOVE 1.2730

The British pound continues to hold firm against the U.S dollar, bucking the trend, as the overall U.S dollar index moves higher across the board, boosted by U.S interest rate differentials.

The news yesterday from the BoE minutes that three out of the eight MPC voting committee members are now calling for higher interest rates continues to support GBPUSD, with dip buying still seen above 1.2730.

Technically the pair remains bullish above the 1.2730 level, with yesterday's pullback low from 1.2795 coming in just below at 1.2726.

GBPUSD support is seen at the M30 time frame 50 period average at 1.2750, with the calculated daily pivot point close by at 1.2747.

To the upside, the weekly pivot point at 1.2797 becomes the first line of intraday resistance for GBPUSD, with the 61.8% Fibonacci retracement of the UK election result drop high to the recent low, coming in as strong resistance at 1.2835.

Above 1.2835, the daily time frame 50 period moving average offers solid intraday resistance at 1.2876.