STERLING SURGES TOWARDS 1.3200
The British pound has moved sharply higher against the U.S dollar during the European trading session, reaching 1.3190, after the UK economy posted much better than expected UK industrial output and manufacturing data.
This week's continuation of the recent fall in the value of the U.S dollars trade-weighted index, which is now at its lowest level since January 2015, is also pushing the GBPUSD pair higher.
The GBPUSD pair remains strongly bullish on all-time frames, with price-action fast approaching the current 2017 price high, located at 1.3268.
Key intraday technical resistance above the 1.3200 level, is located at the 1.3220, 1.3268, 1.3293 levels. Long-term trendline and Fibonacci resistance currently converge, at the 1.3333 level.
To the downside, intraday support is located the August 4th price high, at 1.3164, with further historical support at the 1.3125 level.
Below 1.3125, GBPUSD support is located at 1.3080 and the key 1.3047 level.