The GBP/USD pair trades at fresh weekly highs, having flirted with the 1.4880 area during Asian hours. The pair set a short term double bottom around 1.4810, with buyers maintaining the lead. The fundamental calendar has been empty during the European morning, but the US will release housing, employment and manufacturing data later on in the day, guaranteeing some volatility. The USD is in trouble these days, as tepid macroeconomic data is keeping the American currency under pressure. Should the data come out again below expectations, the pair may advance beyond the 1.4900 level.
Technically, the 4 hours chart shows that the price develops well above a bullish 20 SMA, whilst the technical indicators are regaining the upside after partially correcting overbought readings, supporting the ongoing bullish tone. In the same chart, the 200 EMA stands at 1.4905, becoming a critical dynamic resistance, as steady gains above it should open doors for an advance towards the 1.5000 price zone.
A break below 1.4810 on the other hand, should revert the intraday bullish trend and see the pair retreating towards the 1.4740/60 price zone.
View live chart of the GBP/USD
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