STERLING RISES ON BOE MEMBERS COMMENTS

The GBPUSD pair has moved to 1.2983, following hawkish comments from Bank of England voting member Ian McCafferty. Sterling moved to a three day trading high after, Iam McCafferty said that raising rates would not only be 'justified' but  also "prudent."

During the European session, the GBPUSD pair will look to the release of key data releases from the United Kingdom. The UK trade balance headlines the economic calendar, with UK manufacturing and industrial production figures also under scrutiny.

The GBPUSD pair remains bullish in the short, medium and long term. The pair retains an intraday bullish bias whilst clearly trading above the daily pivot point at 1.2959.

Below the daily pivot point, key support is found at 1.2930, and the H1 time frame, 200 period moving average at 1.2922.

Above the recent swing high at 1.2983, the psychological 1.3000 level comes into focus again, with intraday resistance found at 1.3019, and the GBPUSD yearly price high, at 1.3048.