GBP/USD has continued to push higher in the American session amid broad-based selling pressure surrounding the greenback. The pair is trading above 1.3170 with the US Dollar Index staying deep in the red below 98.00 despite upbeat ADP data.
GBP/USD is facing immediate resistance at 1.3140, where the 100-period SMA is located, before 1.3160 (Fibonacci 38.2% retracement of the latest downtrend, 50-period SMA). In case the pair climbs above the latter and start using it as support, it could target 1.3200 (Fibonacci 50% retracement, psychological level) next.
On the downside, 1.3100 (psychological level, Fibonacci 23.6% retracement) aligns as critical support. With a four-hour close below that level, the pair could decline toward 1.3050 (static level).
