GBPUSD FURTHER BULLISH ABOVE 1.4087 LEVEL
The British pound continues to move higher against the U.S dollar, with price-action reaching a new weekly trading-high of 1.4097, as general demand for sterling continues. Yesterday the GBPUSD pair was met with strong dip-buying demand from the level 1.4019 level, with the British pound also reverting away from its traditional correlation with the euro. Traders now look towards the release of the U.S ADP jobs report, which measures monthly Private sector employment in the United States economy.
The GBPUSD pair is weekly bullish whilst trading above the 1.4087 level, further upside towards 1.4146 and 1.4200 now seems possible.
Should price-action on the GBPUSD pair fail to gain traction above the 1.4087 level, sellers may move the pair back towards the 1.4046 and 1.4008 support levels.