GBPUSD TESTING KEY RESISTANCE

The GBPUSD pair has moved towards the key 1.2839 resistance level, as the U.S dollar index starts to move lower, ahead of Janet Yellen's keynote speech at Jackson Hole, later this afternoon.

Sterling remains bullish on an intraday basis, with the pound now looking to extend intraday gains beyond the 1.2839 level, if Janet Yellen disappoints investors with her speech today.

A move above the 1.2839 level should bring the GBPUSD pair into a new upside range, with the pair then likely to test the mid-point of the box channel, found at the 1.2885 level.

Short-term resistance above the 1.2839 level, is currently found at 1.2851 and 1.2872 levels.

Key technical support below the 1.2839 level is found at 1.2819, the daily pivot point, at 1.2805, and the weekly price low, at 1.2773.

Longer-term GBPUSD downside targets remain, 1.2750, 1.2716 and 1.2679.