GBPUSD FURTHER BULLISH ABOVE 1.4234 LEVEL

The British pound remains increasingly volatile against the U.S dollar, with price action moving in a one-hundred pip range during the European session. On the first trading day of February, the pair saw strong monthly in-flows moving on the UK market open, moving price-action to an intraday high of 1.4274. The GBPUSD pair has now corrected back towards the pivotal 1.4230 region, following a weaker than expected January Manufacturing PMI from the United Kingdom economy.

• The GBPUSD pair retains a strong bullish bias while trading above the 1.4232 level, further upside towards 1.4280 and 1.4350 cannot be ruled out.

• Should the GBPUSD pair start to trade below the 1.4232 level, we may see a swift price correction back towards the 1.4200 handle.