GBPUSD REVERSAL ONLY BULLISH ABOVE 1.4130 LEVEL
The British pound has moved sharply higher against the U.S dollar, with price-action now fast approaching the 1.4200 technical level, after a sharp reversal in direction on Tuesday. The GBPUSD pair found strong dip-buying demand from the 1.3979 level, with pair rallying strongly on a return of U.S dollar weakness and bullish comments from UK PM Theresa May, who denied rumours of a leadership challenge. Going forward sterling traders will look to the release of the ADP Jobs Report and the FOMC Interest Rate Decision and Policy Statement.
The GBPUSD pair remains strongly bullish while trading above the 1.4130 level, upside resistance is now found at 1.4220 and 1.4284.
Should price-action on the GBPUSD pair fall back below the 1.4130 level, key technical support is found at 1.4082 and 1.4033.