The Great Britain pound (GBP) Skyrocketed on Wednesday with the price went up to more than 1.3000 following a major economic release. as far as the technical bias is concerned it might remain bullish because of the higher high printed on the graph during the last upside move.
GBP/USD: Technical Analysis
As of now, the GBPUSD is being quoted for the price around 1.3089. As the price increases, it may face some resistance near 1.3452, its a Fibonacci level which may stop the price from passing through, ahead of 1.3700, the psychological number. Both of these resistance levels may force the price to stay below before it meat another resistance level around 1.4376, the high of April 17, 2018, as shown in the graph below.
On the other hand, multiple support levels may also be seen on the downside. The price may meet the first support level around 1.2881, the key horizontal support which might prevent the price from falling below the said level. Another support stands next near 1.2553, the trend line support and then comes 1.1958, the low of September 03, 2019 as shown in the graph above.
GBP Markit Services PMI
From the fundamental point of view, PMI service is issued by both the Chartered Purchasing & Supply Institute and Markit Economics, an indicator of the economic situation in the service industry in the UK. As a matter of fact, the overview of the sales and employment situation is increasing by 07 points, as it was 48.6 last month. Traders want the highest possible reading as it is considered positive for GBP.
At the current, the price appears to be rising and the technical trend is expected to remain bullish, so trading GBPUSD around current levels may not be a poor choice to start with. But when it comes to competitive spreads and leverages, brokers still play an important role in successful trading.