FURTHER GBPUSD GAINS LIKELY ABOVE 1.3833
The British pound is retaining upside momentum against the U.S dollar, after the pair broke sharply higher following Friday’s better than expected U.S Non-farm payrolls job report. The GBPUSD pair currently trades around the 1.3850 level, with price-action having found resistance from the 1.3890 level. With a lack of macroeconomic data on Monday, sterling traders continue to watch the 90.00 level on the U.S dollar index, and the bullish falling wedge pattern that has formed across multiple time-frames.
- The GBPUSD pair is intraday bullish whilst trading above the 1.3833 level, further gains towards 1.3890 and 1.3974 remain possible.
- A sustained move below the 1.3833 level may lead to GBPUSD selling, with key weekly support again centered around the 1.3781 to 1.3760 region.