GBP/USD Tests 1.4440, Daily Highs
The Sterling has now picked up further upside momentum, lifting GBP/USD to fresh daily tops near 1.4440.
GBP/USD stronger on US selling
Spot
has seen its upside renewed in response to a persistent sell-off in the
US dollar, challenging the critical 94.00 support when tracked by the
US Dollar Index (DXY), clinching at the same time 3-week tops around the
1.4440 region.
The pair has quickly left behind the miserable
prints from UK’s retail sales for the month of March, which prompted an
ephemeral test of session lows in the 1.4300 neighbourhood.
GBP/USD levels to consider
As
of writing the pair is advancing 0.60% at 1.4419 facing the next hurdle
at 1.4460 (high Mar.30) ahead of 1.4517 (high Mar.18) and finally
1.4670 (monthly high Feb.4). On the flip side, a breakdown of 1.4249
(55-day sma) would open the door to 1.4092 (38.2% Fibo of 1.3833-1.4517)
and then 1.4004 (low Apr.6).
