Pound Outperforms Against US Dollar

The British pound jumped against the dollar to achieve strong gains, as we expected, heading to visit the second official target required to be achieved during the previous analysis at 1.3530, its highest level during the Asian session for the current session 1.3554.

On the technical side, we believe that the chances of a further rise are still a possible scenario, relying on the intraday trading above the psychological barrier support of 1.3500, which is accompanied by the positive stimulus of the 50-day moving average that meets around 1.3450 and adds more strength to it. Therefore, we target 1.3580, a next station that may extend later towards 1.3630.

Note: Today we are awaiting the BoE interest rate decision and monetary policy report, and the pair’s moves may be volatile.

Note: the pair is trading near overbought areas.

S1: 1.3465	R1: 1.3580
S2: 1.3390	R2: 1.3630
S3: 1.3340	R3: 1.3710