GBPUSD BUYERS BUILDING MOMENTUM
The GBPUSD pair briefly retraced towards the 1.2800 level during the European session, and then quickly regained upward traction, moving back towards the 1.2830 region. The United Kingdom house price index has helped boost sterling sentiment today, with prices rising by 1.1% this month, the first house price rise in four months.
Financial market's attention is now focused on the upcoming Central Bank forum in Portugal. With British pound traders awaiting any market moving comments from Bank of England Governor, Mark Carney.
In the short term, the GBPUSD pair remains strongly bullish whilst trading above the 1.2800 level, with critical intraday support below 1.2800, located at 1.2761.
In the medium term, the challenge for the GBPUSD pair remains the yesterday's swing high at 1.2860, and the monthly calculated pivot point at 1.2897.
Should GBPUSD see further buying above the monthly pivot point, this may be a strong indication of the pairs appetite for further bullishness towards the psychological 1.3000 level.