There are no major economic reports in the UK making the US PPI report and Yellen’s testimony the key events for GBPUSD.
The support rests at 1.28900 with resistance at 1.29620 which the weekly pivot point at 1.29220 is located in between the lines. The EMA of 10 is moving with bullish bias along the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving above the 50 level, the Stochastic is moving in high ranges and the MACD indicator is in negative territory. The ADX is showing buy signals.
Long positions are recommended targeting 1.30.

gbpusd analysis

gbpusd