The pound has made a new high for the week at 1.5681.

FXstreet.com (Barcelona) - Research teams at Investec Bank said, “The pound is managing to trade on its own merits on the back of such an encouraging flow of data over the summer and positive market reaction to the new Bank of England chief, Mark Carney. GBPUSD tested new highs briefly at 1.5670 before quickly turning around to finish the day slightly lower just above 1.5600. The dollar weakness so far this week is undoubtedly helping the pound’s cause and with Public Finance figures and CBI industrial trends surveys released tomorrow in the UK it gives Sterling the next opportunity to push higher”…they continued, “Looking ahead to today it looks pretty light for data releases so we will be watching to see if GBPUSD can make a significant breach of 1.5670 which would be a bullish signal for the pound and will also keep an eye on equity markets which look like they are going to end the summer with a whimper”.

GBP/USD bullish bias

GBP/USD eyes the uptrend channel resistance line at 1.5727 with the 200 week moving average and resistance at 1.5752. The 20 dma is 1.5410, the 50 dma is 1.5348 and the 200 dma is 1.5522. RSI (9) reads 71.00. Supports are ascending from 1.5548, 1.5574, 1.5590, 1.5608. Spot is 1.5667 while resistances are 1.5680, 1.5709, 1.5723 and 1.5753.