STERLING HITS 1.2952

The GBPUSD enjoyed a strong bid tone during the European session, moving to a five-day trading high, at 1.2952. An improved trading sentiment surrounds the British pound, and cross-selling in the EURGBP pair have helped to contribute to GBPUSD buying.

Sterling has now backed away from the daily price high, by some 20 pips, and is currently testing demand and supply around the weekly pivot point, at 1.2925.

The GBPUSD pair remains strongly bullish on all time frame, with dip buying still seen on intraday price pullbacks.

Key technical resistance is found at 1.2965, and the July 6th price high at 1.2982. Further intraday resistance is found at the psychological 1.3000 level.

To the downside, nearby support is found at the M5 time frame 100 period moving average, at 1.2903. The monthly pivot point acts as critical support at 1.2882, with H4 time frame 100 period moving average below, at 1.2865.