GBP/USD: Bullish bias stays intact, 1.13 in the crosshairs

GBP/USD has gathered further bullish momentum. Pound bulls eye 1.1300 next, FXSTreet’s Eren Sengezer reports.

Buyers retain control of cable’s action

“On the upside, 1.1300 (Fibonacci 61.8% retracement of the latest downtrend, 100-period SMA) aligns as the next target. In case buyers flip that level into support, the pair could continue to push higher toward 1.1400 (static level) and 1.1500 (200-period SMA).”

“First support is located at 1.1130 (Fibonacci 50% retracement) before 1.1100 (psychological level) and 1.1000 (psychological level, 50-period SMA, Fibonacci 38.2% retracement).”