FURTHER GBPUSD GAINS EXPECTED ABOVE 1.3769
The British pound continues to trade at elevated levels against the U.S dollar, with price-action still holding towards the 1.3800 technical level. Going forward, the GBPUSD pair threatens further intraday upside toward the 1.3900 level, with the U.S dollar index still appearing vulnerable to further losses. Traders now look to the release of December Consumer Price Index inflation data from the UK economy this morning, with the Bank of England increasingly likely to hike UK rates if inflation remains high.
The GBPUSD pair remains strongly bullish while trading above the 1.3769 level, further upside towards 1.3818 and 1.3890 remains possible.
Should price-action on the GBPUSD pair slip below the 1.3769 level, sellers may target towards the 1.3720 and 1.3657 levels.