GBP/USD has turned north following a decline toward 1.31 earlier in the day. The pair is closing in on key 1.32 resistance and additional gains could be witnessed if sellers fail to defend that level, FXStreet’s Eren Sengezer reports.

Pound bulls to take action above 1.32

“The economic docket will not feature any high-impact data releases on Tuesday and GBP/USD needs risk flows to continue to dominate the financial markets in order to extend the recovery.”

“In case 1.32 level turns into support, the next bullish target could be seen at 1.3250 (Fibonacci 61.8% retracement).”

“On the downside, 1.3150 (Fibonacci 38.2% retracement) aligns as first support before 1.31 (50-period SMA, Fibonacci 23.6% retracement, psychological level).”