GBP is getting empowered due to strong economic data. UK’s Markit manufacturing PMI grew more than expected as well as retail sales data.
The support rests at 1.27660 with resistance at 1.28730 which both lines are above the weekly pivot point at 1.27060. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
While considering pullbacks on the way, buyers can target 1.29000.