After falling below its January lows on Tuesday, GBP/USD looked poised for a further downside move but buyers have been resilient enough to stay in the game as we a turnaround over the past few sessions. And after a slightly better January monthly GDP reading earlier today here, the pound is starting to move higher in European morning trade.
GBP/USD is now on the move back towards 1.2000 with the 100-day moving average (red line) at 1.2014 providing added resistance for the latest rebound. Break above and buyers will start to seize back control of the pair but keep below and sellers will stay interested to try and angle for another downside push.
The final hurdle this week is going to come from the US jobs report at 1330 GMT later in the day. That, considering the dollar - and major currencies in general - are looking rather sanguine to the risks and concerns brought up in broader markets at the moment.
