GBP/USD attempts recovery above 1.3050 amid dollar weakness
GBP/USD is showing signs of recovery, trading 0.2% higher at 1.3065 as the US Dollar Index retreats from recent highs. The pound sterling is benefiting from broad-based dollar weakness despite the absence of significant UK economic data. Technical analysis indicates the pair is attempting to establish support above the 1.3050 level after finding buyers at yesterday's lows. The US Dollar Index has pulled back 0.3% from its intraday peak, providing relief for sterling bulls. Immediate resistance lies at 1.3100, which coincides with the 50-day moving average, while a break below 1.3050 could expose the 1.3000 psychological level. Market participants await tomorrow's UK inflation data, which could provide further directional cues. The pair's ability to sustain gains above 1.3050 will be crucial for maintaining the near-term bullish bias.
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