The British pound has performed a bullish technical breakout against the greenback, following the unexpected departure of U.S Secretary of State Rex Tillerson from the Trump administration. The GBPUSD pair is currently sitting around the 1.3970 level, having traded close to the 1.4000 handle during today’s Asian trading session. Moving into the European trading session, key technical support is now found at the 1.3920 level, whilst the next upside hurdle remains the psychological 1.4000 level.
The GBPUSD pair is likely to advance further once clearly above the 1.4000 level. Upside targets are then found at the 1.4066 and 1.4149 levels.
Should the GBPUSD pair move below the 1.3966 level, we may see a strong price-action back towards the key 1.3920 support level.