MAJOR TECHNICAL BREAK OUT FOR STERLING
Sterling has opened the new trading week with a renewed buying demand, after the pair performed a major upside technical break out on Friday, moving above the 1.3047 level, to a new 2017 price high, at 1.3112.
GBPUSD traders will look for to UK inflation figures on Tuesday, whilst technical traders may need confirmation that the upside breakout is genuine, using the 1.3047 level as critical downside support.
The GBPUSD pair remains bullish on all time frames, with a minor downside correction possible, after Friday's extended run above the 1.3100 handle.
Support is found at the daily pivot point, at 1.3055, then the former yearly price high, at 1.3047. The weekly calculated pivot point, acts as critical support, at 1.3010.
To the upside, further GBPUSD major technical breakouts remain close by, once above the 1.3122 level, GBPUSD has very few technical price barriers until the September 16t, 2016 price high, at 1.3247.
Further GBPUSD resistance is found at the monthly time frame, 20 period moving average, at 1.3372.