Technical Levels to Watch
The pair GBP/USD is gaining 0.17% at 1.3304 and a breakout of 1.3338 (high Oct.13) would open the door to 1.3501 (2014-2017 resistance line) and finally 1.3658 (2017 high Sep.20). On the other hand, the next support emerges at 1.3202 (10-day sma) seconded by 1.3182 (55-day sma) and then 1.3070 (low Oct.27).
Cable is in strong uptrend for three consecutive sessions in this week and it has firmly trading at the upper band and well supported by the moving averages as well. Today's manufacturing PMI rose above expectation which further propped the pair.
The pair is underpinned by speculations of a 25 bp rate hike by the Bank of England at tomorrow’s meeting.