GBPUSD LOOKING FOR GAINS ABOVE 1.3892 PIVOT
The British pound continues to hold above the key 1.3892 pivot level against the U.S dollar, although buyers remain cautious ahead of today’s key CPI inflation release from the American economy. The GBPUSD pair currently trades around the 1.3900 handle, although buyers again failed to take-out Tuesday’s high overnight, with price failing around the 1.3320 level. Going forward, sterling traders look to ongoing weakness in the U.S dollar index and a clear breakout from the current 1.3292 to 1.3320 price-range.
The GBPUSD pair remains intraday bullish whilst clearly trading above the 1.3892 level, further buying towards the 1.3939 and 1.4000 levels still seems possible.
Should GBPUSD price-action slip back below the 1.3892 level for an extended period, we may see sellers test back towards the 1.3855 and 1.3832 levels.