GBP/USD rises to a high of 1.3180 on the day
The dollar is on the back foot again here in European trading falling against the majority of the major bloc. Of note, the euro, pound and loonie are taking the most advantage of the drop here. The yen is also the other casualty as things start to liven up here.
GBP/USD rises to a high of 1.3180 on the day now with the 100-day MA @ 1.3160 being the key level that price must hold above. There’s minor resistance to come from offers at around 1.3200 but yesterday’s high @ 1.3215 will also be a level to look out for with daily resistance sitting at 1.3213.
Meanwhile, UK retail sales data is set to add some spice into things and the data will be released at 0830 GMT. The release will add/subtract a little from the recent pound rhetoric but it’s all about Brexit at the end of the day. Some negative headlines overnight have done little to stop the pound’s rally against the dollar and as long as price holds above the 100-hour MA (red line), the near-term bullish bias is set to continue to fuel further gains in the pair.