The British pound moved to a new 2018 price-high overnight, reaching 1.3942, marking the highest trading level for sterling since the day of Brexit. The move was sparked by a U.S dollar index sell-off, with the index plummeting back towards the 90.19 level, erasing Wednesday’s trading gains. Price-action on the GBPUSD pair currently trades around the 1.3820 region, as profit taking quickly kicked-in from overstretched level. Traders now look to the 1.3800 support level, as the U.S dollar index continues to recover heavy-losses.
The GBPUSD pair only retains a bullish bias while price-action holds above the 1.3800 level, further upside towards 1.3882 and 1.3942 remains possible.
A loss of the 1.3800 level on the GBPUSD pair, should spark a sell-off towards the 1.3755 and 1.3657 support zones.
