- In the New York session, the Sterling is consolidating its intraday gains.
- Robust UK manufacturing and industrial data, as well as Brexit optimism bolstered the mood on the GBP.
GBP/USD daily chart
GBP/USD is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). The market is attempting to create a double bottom as the Sterling is trading above the 1.2300 figure and the 50 SMA. Earlier in the London session, the Pound got boosted on better-than-expected UK manufacturing and industrial data as well as Brexit optimism.
GBP/USD four-hour chart
GBP/USD 30-minute chart
The Pound is trading above the main SMAs, suggesting bullish momentum in the near term. Bears need to reclaim the 1.2351/1.2312 support zone to create a more meaningful retracement towards 1.2245 support, according to the Technical Confluences Indicator.
Additional key levels