GBPUSD SPIKES TO 1.2704 ON BOE HALDANE'S COMMENTS
Sterling has spiked to 1.2704, as Bank of England voting member Andrew Haldane delivered hawkish comments in his scheduled speech this morning, saying that he considered voting for a rate hike at last week's policy meeting.
In a busy European trading session, the GBPUSD pair had dipped below the 1.2600 level for the first time in more than two months, finding an intraday low at 1.2588.
The recent spike higher in the GBPUSD has changed the short-term outlook for the pair to bullish, with buyers now in control. The pair is currently testing critical resistance levels above the 1.2690 level.
Resistance above the 1.2704 level comes in at 1.2730, with the weekly calculated pivot point offering further intraday resistance for the GBPUSD pair at 1.2744.
To the downside, technical support for the pair is located at 1.2680, and then the daily time frame 50 period moving average, located at 1.2650.
The former monthly low at 1.2636 now becomes critical support for the GBPUSD pair.