GBPUSD STILL BULLISH ABOVE 1.4000 LEVEL
The British pound continues to trade above the 1.4000 handle against the U.S dollar, ahead of the release of key CPI and PPI inflation data from the United Kingdom economy. The GBPUSD pair found strong technical resistance from the 1.4088 level on Monday, with sterling traders quickly taking profit from over-extended levels. Trading sentiment surrounding the British pound remain bullish, following the UK and EU agreeing on a transitional Brexit deal after the UK’s scheduled departure on March 1st, 2019.
The GBPUSD pair remains intraday bullish whilst trading above the 1.4000 level, further upside towards 1.4088 and 1.4146 seems possible.
Should price-action move below the 1.4000 level, key technical support is then found at the 1.3960 and 1.3920 levels.