GBP Exploits Weakness of Dollar Achieving Strong Gains

The British Pound found a strong support floor around our published target last Friday, which is located at 1.3765, to hit a low of 1.3775, rising again, attacking the psychological barrier of 1.3900.

On the technical side, today, with the pair’s success in breaching the 1.3830 resistance level, which was accompanied by the positive stimulus of the 50-day moving average, in conjunction with the positive signs coming from the RSI.

This is a catalyst that enhances the chances of the upside today, provided that the 1.3900 breach is confirmed, in order to open the way directly towards 1.3940, a first target, and the gains may extend later to visit 1.3980.

Only from below, trading again and stabilizing the price below 1.3830 / 13810 will stop the bullish tendency, and we will witness a re-test of 1.3775 before attempting to rise again.

Note: Risk levels may be high today.

Note: Stochastic is around overbought areas.

S1: 1.3810	R1: 1.3940
S2: 1.3730	R2: 1.3985
S3: 1.3685	R3: 1.4070