GBPUSD BULLS IN CHARGE ABOVE 1.3612 LEVEL

The British pound has moved to its highest trading level against the U.S dollar this year, reaching 1.3638 during the European session. The GBPUSD followed the EURUSD pair higher after news broke that progress has been made in tense German coalition negotiations. Traders now look to the 2017 trading high, found at 1.3657, which also represent the highest retracement level since the United Kingdom voted to leave the European Union. Moving into the U.S session trading session, December Retail Sales and CPI inflation figures from the United States are set to headline.

• The GBPUSD pair remains strongly bullish while trading above the 1.3612 level, further upside towards 1.3657 and 1.3700 seems possible.

• Should price-action on the GBPUSD pair move below the 1.3612 level, downside support is located at 1.3585 and 1.3550.