GBPUSD GAINS LIKELY TO EXTEND ABOVE 1.4000

The British pound has raced higher against the greenback in early Wednesday trading, climbing to 1.4118, following broad-based selling in U.S dollar index. Better than expected employment figures from the United Kingdom economy today, have helped to boost the GBPUSD pair to a new 19-month trading high. Price-action is currently hovering around the 1.4100 region, with the markets attention firmly focused on the falling value of U.S dollar, as it trades well below the key 90.00 level.

• The GBPUSD pair is likely to extend gains while trading above the 1.4000 level, further upside towards 1.4160 and 1.4210 remains possible.

• Should price-action on the GBPUSD pair start to move below the 1.4000 level, a correction towards the 1.3940 and 1.3880 levels may ensue.