GBP/USD touches a high of 1.3075 on the session
Price manages a bit of a double-bottom pattern earlier today close to 1.3040-45 and is now working its way back up again as buyers remain in near-term control of the pair, with price holding well above both key hourly moving averages.
For buyers, they will be looking to make their way towards the 1.3100 handle next to test offers at the level – much like overnight trading before Fed chair Powell poured cold water on the dollar pairs in general.
The pound’s push higher in the last hour is helping it advance as the best performing major currency today but ranges are still rather tight among the major currencies to say the least. The fact that the dollar is a little weaker is also contributing to the move higher here.
Upside risks remain limited by the 1.3100 handle for now while downside risks are defined by the support level around 1.3040-50 so just be wary of those levels as we navigate through the trading day ahead.