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.