GBPUSD MOVES TO 1.2700
The GBPUSD pair has gathered bullish momentum towards the 1.2700 level in the early Friday trading, as hawkish comments from Bank of England policymaker Kristin Forbes, continue to support British pound buying.
Bank of England and MPC voting member Forbes, said that the cost of reversing a rate hike was a concern for other MPC members, and the Bank of England was spending a lot of time debating how changes in interest rates would affect the price of the British pound.
In the short term, the GBPUSD remains bullish while trading above the 1.2675 level, which coincides with the daily pivot point calculation and the M5 time frame 200 period moving average.
In the medium term, the pair is now testing the critical 50 percent Fibonacci retracement of the 1.2589 decline, to the 1.2815 former swing high, at 1.2698.
Key technical resistance levels to the upside remain 1.2730 and 1.2744, with intraday GBPUSD support layered between 1.2650 and 1.2635.