FXStreet — The British pound appreciated against the US Dollar during the American business. The GBP/USD marked a new daily high at 1,2887. Last it traded at 1,2870 and 35 Pips in the Plus.
In early trade, the currency pair still traded just below the round brand of 1,2800, recovered and gained momentum. The Cable has now climbed for the second day in a row, and is continuing his recovery, after it lost on Friday, more than a hundred Pips.
The pound is on course for recovery, but is still printing. The British elections next week could limit the upside for the pound and also the next risk event for the currency.
The economic data from the United States revealed that both the income as well as consumer spending rose, while the inflation figures downwards oriented. The official US labour market report, which will be released on Friday, is considered to be the next key event for the US Dollar.
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GBP/USD short-term bearish
The next Resistances lie at 1.2900 (psychological level), 1,2925 (Deep 24. May) and 1,2965 (Deep 22. May). Supports are at 1,2845 (High 29. May), 1,2790/95 (daily low) and 1,2775 (Deep 26. To find may).
** FXStreet News Editorial, FXStreet**