The Pound Sterling recovers some ground against the greenback as a ‘hammer’ emerges on the daily chart and rises above 1.3050, registering gains of over 0.15%.
GBP/USD edges up after bottoming out at 1.3010, with a ‘hammer’ pattern signaling potential for further upside. Clearing the October 10 high of 1.3093 and the 50-DMA at 1.3099 would open the door for buyers, with resistance at 1.3113 and 1.3134. A failure to break 1.3100 could see sellers push the pair back toward the week’s low of 1.3010. Goodish economic data in the UK sponsored the GBP/USD’s recovery as the economy grew around estimates.
3100, sellers could step in and push prices below the psychological 1.3050 level, driving the exchange rate toward the week's lows at 1.3010. From a momentum standpoint, the GBP/USD is barely biased, but the Relative Strength Index has increased upwards during the last couple of days, opening the door for a leg-up. GBP/USD Price Action – Daily Chart British Pound PRICE Today The table below shows the percentage change of British Pound against listed major currencies today.
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