GBPUSD INTRADAY BULLISH ABOVE 1.4000 LEVEL
The British pound is trying to build upside momentum against the greenback, after earlier finding technical support just below the key 1.4000 level. The GBPUSD pair currently trades around the 1.4020 level, with the U.S dollar index starting to give back intraday gains amidst depressed market volumes. Sterling traders are awaiting a key note speech from Bank of England Governor Mark Carney later this evening, ahead of the BOE’s Inflation Report on Tuesday.
The GBPUSD pair is likely to see continued upside whilst trading above the 1.4000 level, key intraday resistance is now found at the 1.4036 and 1.4074 region.
Should the GBPUSD start to move below the 1.4000 support level, we may see a deeper correction back towards the 1.3938 and 1.43901 support levels.