GBPUSD STILL BULLISH ABOVE 1.3220 LEVEL
The British pound is consolidating towards the top-end of its recent trading-range against the U.S dollar, in thin-market trading conditions. The GBPUSD pair currently trades around the 1.3240 level, with sellers unable to break-below the 1.3220 level, and buyers unable to close price-action above the 1.3268 technical level. The upcoming UK Inflation Report Hearing is the main risk event for the pair today, with the Bank of England likely to further raise interest rates if UK inflation continues to rise, while UK wage levels remain depressed.
- The GBPUSD pair remains intraday bullish while holding above the 1.3220 technical level. Further upside towards the 1.3268 and 1.3307 levels still appears likely.
- Should price-action decline below the 1.3220 level, sellers will likely target the 1.3200 and 1.368 support zones.