• GBP/USD rose to hit a one-month high on Tuesday as sharp gains were driven by weaker dollar.
• Investors are paying close attention to Fed Chair Jerome Powell's speech at the Jackson Hole economic symposium in Wyoming later this week.
•Additionally, UK and U.S. purchasing managers index (PMI) numbers, as well as the minutes from the Fed's last meeting, are on the market's radar during this relatively data-light week.
• Technical signals are strongly bullish as RSI is at 67, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.3050( 23.6%fib), any close above will push the pair towards 1.3108( July 17th 2023 high)
• Strong support is seen at 1.2968(38.2%fib) and break below could take the pair towards 1.2909 (50% fib).
Recommendation: Good to buy around 1.3020, with stop loss of 1.2920 and target price of 1.3100.
