17.07.2017 - GBP/USD ran into 1.3113 - resistance offered by the trend line sloping downwards from August 2015 high and May 2016 high. The currency pair closed above 1.31 handle on Friday for the first time since September 16, 2016.
The data docket in the US and UK is light, hence the broader market conditions and the technical factors could guide the GBP/USD market today.
Charts remain in favor of the bulls
· Bullish outside week candle
· Inverse head and shoulders breakout
The 50-DMA, 100-DMA & 200-DMA are perfectly aligned one below the other and sloping higher. The RSI is still short of the overbought territory, suggesting room for further gains in the pair.
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