POUND RISKS PRICE CORRECTION
The British pound risks a possible price correction against the U.S dollar, with BOE Governor speaking today and bearish MACD divergence forming on the price charts over the lower- time frames.
Sterling remains at elevated trading levels as the new trading week gets underway, with the pair trading just below the key 1.3600 handle. On Friday the pair topped at the 1.3616 level, with price-action managing only a minor correction lower, to 1.3554.
The GBPUSD pair remains strongly bullish on all time-frames, however technical indicators warn of a possible retracement towards the 1.3400 handle.
Intraday sellers may need further confirmation that an interim price-high has been reached, before the correction gathers momentum.
Key upside resistance areas for the GBPUSD pair remain 1.3610, 1.3630 and 1.3654.
Key downside GBPUSD technical support is located at 1.3580 and 1.3554.
Further intraday support is found at the pairs daily pivot point, at 1.3533, and the psychological 1.3500 level.