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FXStreet (Tokyo) - The British Pound is rising against the US Dollar following the drop in the UK unemployment rate and the increase in the Britain earnings reported earlier.
After climbing 120 pips from 1.4915, the GBP/USD broke above the 1.5000 for the first time in nearly a month and trade at highs of 1.5035. Currently, GBP/USD is trading at 1.5019, up 0.57% on the day, having posted a daily high at 1.5038 and low at 1.4916.
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/USD Forecast
According to FXStreet chief analyst Valeria Bednarik, "the 1.5000 level is a critical static resistance and selling interest around it is containing the upside. A break through the level that sees price extending above 1.5020, should lead to additional advances up to 1.5060 in the short term, with a break above this last exposing the 1.5100 level."
To the downside, if the pair returns below 1.5000, it will find supports at 1.4960 and 1.4920.
