Cable climbs to session high as buyers look to wrestle some near-term control

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD reaches a session high of 1.3024

GBP/USD H1 18-02
The pound is creeping higher on the session as price now moves past the 100-hour MA (red line) with buyers looking to seize back near-term control of the pair.

UK data earlier basically just reaffirmed tighter labour market conditions with wage pressures easing slightly from more robust levels over the past few months.

From a technical perspective though, the move higher is coming after buyers defended a move towards the 200-hour MA (blue line) @ 1.2971 - coinciding with the low today.

For now, buyers are looking to establish a more bullish near-term bias but I just don't see gains running away before we get through the data deluge over the next few days.

As such, I would expect gains to be limited and sellers to step in around the trendline resistance near 1.3045 with further resistance seen at 1.3050-70 as well.

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