STERLING HOLDING THE 1.3100 LEVEL
The GBPUSD pair is currently trading around the 1.3127 level, after slipping from a daily price high of 1.3150 and bouncing from the weekly pivot point. Sterling had earlier met selling pressure, just before reaching the current 2017 price high, at 1.3159.
So far in early Monday trading, sterling buyers are defending the 1.3100 region, with buying momentum remaining strong after Friday's rally and bullish weekly price close.
Key intraday technical support for the GBPUSD pair is found at the daily pivot point, at 1.3018 and the weekly pivot point at 1.3096. Below the 1.3096 level, the H1 time frame 200 period moving average offers support, at 1.3046.
To the upside, once above the 1.3159 level, technical resistance comes from the 1.3210 level and the monthly time frame 20 period moving average, at 1.3275.
Traders will be all too aware that the GBPUSD pair has traded below the monthly 20 period moving average since September 2014.