GBPUSD LOOKING BULLISH ABOVE 1.2800
The GBPUSD pair has moved above the 1.2800 level, with the British pound looking increasingly bullish overnight, as United States political uncertainty, and dovish comments from FOMC members continue to send the U.S dollar index lower across the board.
Central Bank speakers are out in force again today, with Bank of England Governor Mark Carney and European Bank President Mario both delivering speeches towards the U.S session opening bell.
After spiking towards the daily time frame 20 period moving average at 1.2850, the GBPUSD pair has now started to consolidate above the 1.2800 handle.
Downside support for the GBPUSD pair is found at the daily pivot point at 1.2799, and the June 26 price high, now converging with the H4 time frame 100 period moving average, at 1.2759.
To the upside, the H4 time frame 200 period moving average at 1.2838, becomes the first obstacle for GBPUSD on the way to testing the recent spike high at 1.2858.
Above the 1.2858, the psychological 1.3000 level then starts to comes into traders' focus.