GBPUSD Potential To Advance
At 09:40 GMT, the pair is trading at 1.3126, with the Pound trading 0.24% lower against US Dollar from the New York close. On the data front, UK’s public sector net borrowing posted a surplus in July. The pair witnessed a high of 1.3184 and a low of 1.3107 during the session. Yesterday, the Pound traded marginally higher against the US Dollar in the New York session and ended at 1.3158. Immediate downside, the first support level is seen at 1.3094, while on the upside, the first resistance level is situated at 1.3171.
The big break for GBP/USD is found at 1.3456 and current price is built upon a base at current 1.2618. The base remains in the same position all week without significant movement. This says 1.3456 and all significant inflection points in highlighted currency pairs will not break easily.