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Positive trading dominated the sterling’s moves against the dollar, touching our expected target at 1.3020, reaching a high during the Asian session at 1.3049.
On the technical side, by looking at the 60-minute chart, we find the pair managed to build a base on the 1.3000 support floor accompanied by the positive signs of the RSI. This coincides with the 50-day moving average support for the upward curve.
From here, with steady trading above 1.3000, the bullish bias is likely, targeting 1.3085 and then 1.3130.
The return of the pair’s price below 1.3000 delays the bullish chances, but does not negate it, and we may witness temporary negative pressure targeting a re-test of 1.2960 / 1.2950 before attempting to rise again.
| S1: 1.2960 | R1: 1.3085 |
| S2: 1.2875 | R2: 1.3130 |
| S3: 1.2830 | R3: 1.2115 |
