The GBP/USD pair rallies in the short term as the Dollar Index seems determined to resume its correction. It’s traded at 1.3078 level at the time of writing below 1.3082 today’s high which represents an upside obstacle. Fundamentally, the US data and the Fed Chair Powell Speaks could be decisive today. The Unemployment Claims could drop from 185K to 177K in the last week, while the Philly Fed Manufacturing Index is expected at 21.5 points below 27.4 in the previous reporting period. Worse than expected figures could weaken the greenback.
From the technical point of view, the price action signaled exhausted sellers after failing to stabilize under the 1.3000 psychological level. The 1.3000 - 1.2982 area stands as a major demand zone. As you can see on the H1 chart, the GBP/USD pair developed a new leg higher. As long as it stays above the lower median line (lml), the price could extend its growth. A valid breakout above the sliding line (SL) and above the 1.3082 may activate an upside continuation. Only a valid breakdown below the lower median line (lml) could invalidate the bullish scenario.
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