STERLING BULLS IN CONTROL AHEAD OF U.S DATA

Sterling remains strongly bullish ahead of the release of high impact U.S data, with the GBPUSD pair continuing to gather bullish trading momentum and push price action to new daily highs.

The recent downside unwinding in the EURGBP pair and the stronger trading sentiment surrounding the British pound after the release of strong jobs data continues to boost the GBPUSD pair towards the 1.3000 level.

Weaker than expected U.S data should boost the GBPUSD towards the 1.3000 to 1.3010 region. Once above the psychological 1.3000 level, the former trading highs at 1.3030 and 1.3047 offer resistance, with a strong technical breakout looming once the 1.3047 level is breached.

Better than expected U.S data may weaken the GBPUSD pair towards the weekly pivot point, at 1.2925. Further intraday support is found at 1.2905, and the monthly pivot point at 1.2882.