GBPUSD LIKELY TO PUSH HIGHER WHILE ABOVE 1.3880
The British pound remains increasingly volatile against the U.S dollar, with the pair whipsawing to a new 2018 high, hitting 1.3944, during the European trading session. The GBPUSD pair initially spiked lower towards the 1.3900 level, after UK Retail Sales came in much weaker than forecasted, falling -1.5 percent during the month of December. Price-action currently trades around the 1.3910 level, as traders await the upcoming release of the Michigan Consumer Sentiment Index from the United States economy.
Intraday sentiment on the GBPUSD pair remains strongly bullish while price-action trades above the 1.3880 level. Further upside towards the 1.3944 and 1.4030 still seems possible.
Should price-action on the GBPUSD pair start to trade below the 1.3880 level, further downside towards the 1.3830 and 1.3758 support levels may occur.