Sterling Outperforms Against The Dollar

The British pound jumped against its US counterpart, to consolidate its recent gains, attacking the psychological barrier of 1.4100, recording a high of 1.4157.

On the technical side, today the simple moving averages continue to hold the price from below, supporting the upward curve of prices, in addition to trading stability above the previously breached resistance level, which has now been converted to the support level at 1.4050.

Consequently, the bullish bias is the most preferred during today’s session, targeting 1.4180, bearing in mind that surpassing the aforementioned level extends the pair’s gains, opening the way directly towards 1.4240.

Note: we may witness a bearish tendency during the coming hours, aiming to re-test 1.4050 before attempting to rise again.

Note: the intraday bearish trend does not contradict the daily bullish trend.

S1: 1.4040	R1: 1.4180
S2: 1.3955	R2: 1.4240
S3: 1.3895	R3: 1.4325