The British pound has moved to its highest trading level since October 5th against the U.S dollar, hitting 1.3266, as the U.S dollar index weakened, following the release of a more dovish than expected FOMC Meeting Minutes.
Trading sentiment surrounding the GBPUSD pair is currently bullish, with price-action now trading well above the key 1.3220 technical level, which had previously been a key turning point for the pair.
Later today the British pound may come under selling pressure, as the Bank of England releases its most recent findings of the Credit Conditions and Bank Liabilities Survey.
Despite the GBPUSD pairs recent recovery from the 1.3029 level, today’s daily price-close above the 1.3220 level remains critical for further bullish advancement.
Key intraday technical support for the GBPUSD pair is found at the H4 time-frame 100 period moving average, at 1.3246 and the key 1.3220 level. Further support is found at 1.3207 and the former daily low, at 1.3175.
To the upside, key intraday resistance is found at 1.3266 and the key 1.3290 level. Further resistance above the 1.3290 level is found at the pairs 100-week moving average, at 1.3323 and the key 1.3360 level.