GBP/USD surges to 3-week tops, now eyeing 1.33 handle

Haresh Menghani FXStreet

• Quickly recovers UK autumn forecast-led dip.
• Durable goods order adds to USD weakness.
• FOMC minutes awaited for fresh bullish impetus.

The GBP/USD pair quickly reversed a knee-jerk slide to 1.3213 and spiked to fresh session tops during the early NA session.

The pair tumbled to session lows following softer OBR UK economic growth forecasts but quickly regained traction amid a fresh wave of US Dollar selling pressure.

The greenback selling bias aggravated after data released from the US showed durable goods orders unexpectedly contracted in October, while orders excluding transportation items witnessed the biggest drop in 13-months.

Despite a good two-way move and positive move for the seventh consecutive session, the pair remains within its weekly trading range as investors now look forward to the keenly awaited FOMC meeting minutes for fresh impetus.

Technical levels to watch

Momentum beyond 1.3280 area (Monday's high) could provide the required momentum to lift the pair beyond the 1.3300 handle towards 1-1/2-month-old trading range resistance near the 1.3320 region.

On the flip side, any pull-back from highs might now find immediate support near the 1.3115 region and is closely followed by the 1.3100 round figure mark.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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