GBPUSD CHALLENGING KEY 1.4087 RESISTANCE LEVEL
The British pound has moved higher against the greenback during the European trading session, following a better than expected March Manufacturing PMI reading from the United Kingdom. The GBPUSD pair has so far tested the key 1.4087 level resistance level, and been rejected, although price-action currently remains close to this pivotal resistance level, at 1.4078. Sterling traders now look to the U.S session open, with the intraday bullish bias firmly intact while the pair trades above the 1.4048 level.
The GBPUSD pair is intraday bullish whilst trading above the 1.4048 level, key resistance is now located at the 1.4087 and 1.4146 levels.
If the GBPUSD pair declines below the 1.4048 level for a sustained period, sellers will likely test towards the 1.4008 and 1.3960 support levels.