GBPUSD BUYERS STILL IN CONTROL ABOVE 1.3400
The British pound continues to hold firm against the U.S dollar, with political optimism over EU Brexit negotiations underpinning sterling’s recent strength. After a brief drop towards the 1.3400 level yesterday, the GBPUSD quickly recovered, and currently holds price-action around the 1.3420 region. Going forward, the pair is likely to remain volatile heading into the weekend, with UK and U.S politics now taking center stage after the conclusion of the Federal Reserve and Bank of England policy meetings.
GBPUSD buyers retain control of the pair while price-action holds above the key 1.3400 technical level. Upside targets remain the 1.3470 and 1.3520 levels.
If price-action declines below the 1.3400 technical level for a sustained period, further downside pressure towards the 1.3380 and 1.3340 support levels remains likely for the GBPUSD pair.