GBP/USD: second bullish week
The past week was positive for the British pound: GBP/USD extended the upside, strengthening to $1.5270 (three-week highs). This week Great Britain released GBP-supportive data, including the employment figures, hawkish MPC meeting minutes and retail sales. Friday’s public sector net borrowing came worse than expected, but sterling still remains in-demand on Friday.
Resistance for the pair is seen at $1.5270/80 (50% Fibo), $1.5300 and $1.5400. Support lies at $1.5220, $1.5200, $1.5170. On the H4 chart we see a MACD divergence. Slide below the last level will put the current rebound under question.
Chart. Daily GBP/USD