GBPUSD INTRADAY BULLISH ABOVE 1.3567 LEVEL
The British pound has continued to erase losses against the U.S dollar, with price action reaching the 1.3570 level during today’s Asian trading session. The GBPUSD pair currently trades above the key 1.3567 resistance level, with the 1.3610 level the next major technical barrier ahead for buyers. Sterling’s rise from the 1.3500 support level has taken place on minimal trading volume, with genuine buying momentum in the pair still at depressed levels. The main market moving event today is this December Nonfarm Payrolls job report, volatility in the GBPUSD pair is likely to increase after the report is released.
The GBPUSD pair is strongly bullish above the 1.3567 level, upside targets above the 1.3610 resistance area are 1.3657 and 1.3710.
Should price-action on the GBPUSD pair fall below the 1.3567 level, decline towards the 1.3550 and 1.3500 support regions seems likely.