FURTHER GBPUSD GAINS LIKELY ABOVE 1.3934
The British pound trades close to the 1.3900 handle against the greenback on Wednesday, as the departure of the United States top-economic advisor Gary Cohn continues to pressure the U.S dollar lower. The GBPUSD pair has seen four-straight days of trading gains, with price-action so far finding interim resistance from the 1.3930 technical level. Technical traders look towards the key resistance at the 1.3977 level, while fundamental traders await the release of the U.S ADP jobs report for the month of February.
- The GBPUSD pair is intraday bullish whilst trading above the 1.3834 level, key resistance is now found at the 1.3934 and 1.3977 levels.
- If GBPUSD price-action falls below the key 1.3834 support level, a deeper decline towards the 1.3765 level may occur.