STERLING BATTLING TO STAY ABOVE 1.3010
Sterling traders continue to do battle around the 1.3010 level, which represents the weekly pivot point for the GBPUSD pair. After reaching an intraday price high of 1.3019, two-way trading action is now being seen above and below the 1.3010 level.
In the upcoming U.S session, the macroeconomic calendar remains empty, with the theme of broad based U.S dollar weakness continuing to drive foreign exchange markets, as the trading week comes to an end.
The upside recovery remains valid for the GBPUSD pair, whilst price continues to stay above the 1.2990 level. Sterling buyers will target a series of higher time frame closes above the 1.3010 level.
Further GBPUSD intraday technical resistance is found at 1.3047, 1.3061 and the current 2017 price high, at 1.3125.
To the downside, the GBPUSD pair has a number of solid technical support levels below the 1.2990 area.
The H1 time frame, and M5 time frame 200 period moving averages are found between 1.2976-79, and the recent swing low adds further support, at 1.2953.