GBP regain due to little thrust on USD

Fundamental 

The pound has remained relatively range bound overnight despite producer prices rising less than expected, leaving the door open for the BoE to remain on hold. The price of goods leaving British factories rose 1.7% in October compared to the same month last year, accelerating from a 0.4% rise in September, the Office for National Statistics reported Friday. On a monthly basis, prices were up 0.2%. Economists had forecast a 0.4% monthly rise and a 1.8% annual increase. The central bank added £25 billion to their asset purchase program but is anticipating that inflation wil rise sharply over the near-term on higher energy costs and a weak sterling.

Technical 

The U.K. currency gives us a rebound signal after forming a higher high. Technically the market change its trend as we can see strong demand in the market, based on technical indicators like RSI, which is in a bullish direction, MACD crosses the signal line and is pointing upwards and Bollinger gives us a buying signal by closing the candle above the middle band.

GBP/USD (Daily Chart) 

The primary tendency is in a clear uptrend.

GBP/USD (4 Hour Chart) 

The pair breaks Standard error channel middle line.

GBP/USD (Hourly Chart) 

The Minor trend bounced on pivot point level.

Resistance

1.6835

1.7045

Support

1.6695 

1.6617

Tags: GBP/USD