GBPUSD DIRECTION CENTERED AROUND 1.4262 LEVEL
The British pound has corrected lower against the U.S dollar during the European trading session, hitting 1.4231, as GBPUSD buyers take profit from overstretched levels. The pair faces strong technical resistance at the 1.4350 level, which represents the 76.4 Fibonacci retracement of the Brexit spike high, to the 2017 swing-price-low. Price-action is currently consolidating around the pivotal 1.4262 level, as sterling traders await the ECB Policy Meeting and UK Prime Minister Theresa May’s speech at the World Economic Forum.
The GBPUSD pair remains intraday bullish while trading above the 1.4262 level, further upside towards 1.4300 and 1.4350 appears likely.
Should price-action on the GBPUSD pair start to move below the 1.4262 level, a deeper correction towards the 1.4231 and 1.4200 support levels may ensue.