GBPUSD REVERSAL ONLY BULLISH ABOVE 1.4130 LEVEL

The British pound has moved sharply higher against the U.S dollar, with price-action now fast approaching the 1.4200 technical level, after a sharp reversal in direction on Tuesday. The GBPUSD pair found strong dip-buying demand from the 1.3979 level, with pair rallying strongly on a return of U.S dollar weakness and bullish comments from UK PM Theresa May, who denied rumours of a leadership challenge. Going forward sterling traders will look to the release of the ADP Jobs Report and the FOMC Interest Rate Decision and Policy Statement.

• The GBPUSD pair remains strongly bullish while trading above the 1.4130 level, upside resistance is now found at 1.4220 and 1.4284.

• Should price-action on the GBPUSD pair fall back below the 1.4130 level, key technical support is found at 1.4082 and 1.4033.