MORE GBPUSD GAINS EXPECTED ABOVE 1.3880 LEVEL
The British pound continues to move higher against the U.S dollar, with price-action reaching 1.3924 in early Friday trading, after buyers moved the pair back above the key 1.3880 level. The GBPUSD currently trades well above the 1.3900 level, as the U.S dollar index remains under pressure heading into the weekend. Going forward, sterling traders will look to the release of December Retail Sales data from the United Kingdom, with most economists expecting a decline in UK spending.
The GBPUSD pair retains a strong bullish bias while price-action trades above the 1.3880 level, further upside towards 1.3940 and 1.4000 remains possible.
A loss of the 1.3880 level on the GBPUSD pair may provoke a sell-off towards the 1.3830 and 1.3758 support levels.