GBP/USD
broke key levels and is nearing 1.4000 hurdle as the US dollar started to slide after the US inflation figures and the
following political jitters on the replacement of the Secretary of
State.
Thereupon and the lack of macro events in UK for tomorrow is
uplifting the Cable to its highest level in over two weeks. The UK bulls were
seen flirting with the 1.40 level but obviously are a little bit hesitant as
currently the pair is trading at 1.3967.
Technically speaking the short term outlook remains bullish. On the four hour
time frame the price is developing
within an ascendant channel, having stalled close to the upside of it. Also the
pair succeeded to cross to above its moving averages, which are looking for
direction. RSI and stochastic are located within strong overbought areas but both
are strating to lose strength.
Given all above the Cable is likely to push above 1.4000 and just technically
this point converges with the upper side of the channel.
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