GBPUSD INCREASINGLY BULLISH
Sterling trades towards the 1.2900 level and is attempting to build bullish trading momentum for further intraday advancement, after better than expected United Kingdom job data changed the trading sentiment surrounding the pound.
The GBPUSD pair also gained after yesterday's prepared statement by Federal Reserve Chair Janet Yellen, moving quickly to 1.2907, and breaking above the monthly pivot point at 1.2882.
The weekly pivot point is the next major hurdle head for sterling, at 1.2925. Once above the weekly pivot point, sterling then becomes bullish in the short, medium and long term.
Above the weekly pivot point, the former swing high, at 1.2965, comes into focus, as strong intraday resistance for the GBPUSD pair.
To the downside, the 1.2882 level acts as a strong nearby intraday support for GBPUSD. Below 1.2882, the daily pivot points offer further support at 1.2870.