GBPUSD GAINING MOMENTUM AS MACD TURNS HIGHER
The British pound is starting to trade above the psychological 1.3000 level against the US dollar, despite UK PMI Services data coming in weaker than expected with a 53.9 reading. Buyers will aim to move price above the 1.3100 level if the bullish momentum continues, while sellers need to break the 1.2970 level. The MACD indicator is also attempting to trend higher across the four-hour time frame after a protracted downturn earlier this week.
The GBPUSD pair is bullish while trading above the 1.3000 level, key resistance is now found at the 1.3046 and 1.3100 levels.
If the GBPUSD pair trades below 1.3000 level, key support is found at the 1.2970 and 1.2860 levels.