GBPUSD STRONGLY BULLISH ABOVE 1.3920 LEVEL
The British pound has continued to push higher against the U.S dollar, although price-action has so far struggled to make gains above the 1.3900 resistance area. The GBPUSD pair is currently trading around the 1.3890 support level, with buyers now looking for a major technical breakout above the 1.3920 level. Traders look to the release of the UK Budget, where the UK Treasury Chancellor presents the economic forecast for next year, containing details about GDP growth estimates, spending and borrowing forecasts as well as fiscal stimulus.
The GBPUSD pair remains intraday bullish above 1.3890 level, further upside towards 1.3920 and 1.3974 seems possible.
- A sustained move below the 1.3890 level may lead to a GBPUSD price-correction back towards the 1.3833 support level.