The British pound has moved higher against the U.S dollar during the European trading session, with price-action moving towards the 1.3860 region. Despite an early dip lower, GBPUSD buyers managed to defend the 1.3800 level, keeping the recent bullish trading moment intact, after sterling’s recent run to multi-year trading highs. Going forward, sellers will likely need confirmation a near-term top is in place at 1.3940, while medium-term buyers will continue to push price higher, until the 1.3800 downside level is clearly broken.
The GBPUSD pair will likely turn further bullish above the 1.3880 resistance area, with buyers moving price towards the 1.3910 and 1.3940 levels.
A loss of the 1.3800 level will likely create a sentiment shift in the GBPUSD pair, with sellers targeting the 1.3755 and 1.3657 levels.