The British pound has moved sharply higher against the U.S dollar, hitting 1.3523, following a better than expected UK Construction PMI reading and encouraging reports coming from UK and EU negotiators. The GBPUSD pair currently trades close to the price-highs of the day, after finding interim support just below the 1.3450 technical level. British PM Theresa May has released a statement saying ‘good progress’ is being made on Brexit negotiations, encouraging pound buying. GBPUSD traders will now be focused on her meeting with EU President Donald Tusk, at 15.00GMT this afternoon.
The GBPUSD pair is strongly bullish while trading above the 1.3520 level. Further upside towards 1.3549 and 1.3610 appears likely.
An intraday decline back below the 1.3450 level, would like signal a deeper price correction towards the 1.3400 and 1.3360 support regions.
