GBPUSD FURTHER BULLISH ABOVE 1.3551 LEVEL
The British pound has moved to its highest trading level against the greenback in four-weeks during the European trading session, hitting 1.3566. The GBPUSD pair has now pulled back marginally after the United Kingdom’s Manufacturing PMI for the month of December came in weaker than expected. Price-action is currently testing the former monthly-high at 1.3551, which is being used as a major pivot point for intraday traders. Moving into the U.S trading session, financial markets will look to the rapid decline in the U.S dollar index, and the release of the United States Manufacturing PMI for December.
The GBPUSD pair is strongly bullish while trading above the 1.3551 technical level, buyers will likely target the 1.3610 and 1.3656 upside levels.
Should price-action on the GBPUSD pair fall below the 1.3551 level, strong intraday technical support is found at the 1.3500 and 1.3468 levels.