GBPUSD HITS 1.3030 IN OVERNIGHT TRADING

The GBPUSD pair has moved to a four week trading high overnight, hitting 1.3030 during the Asian session, as U.S dollar selling pressures continues to drive the pair higher.

Traders will now look to economic data from the United Kingdom in the European session, as the office for national statistics, releases official revisions to first quarter UK gross domestic product.

Sterling remains strongly bullish on all times frames, with the GBPUSD pair attempting multiple higher time frame price closes above the psychological 1.3000 level.

As the pair finds support above the 1.3000 level, it should provide the impetus for further bullish advancement towards the 2017 yearly price high, at 1.3048.

To the upside, resistance is located at 1.3048, and then the September 2016 swing high comes into focus, at 1.3120.

Support for the GBPUSD pair is located at the daily pivot point at 1.2991, and the recent swing low at 1.2954.