• GBP/USD has broken above the January 27 high at 1.3760, reaching its highest level since April 30, 2018.
  • GBP/USD rises towards 1.3800 amid notable US dollar supply

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GBP/USD advances towards 1.3800, sitting at the highest levels since April 2018 ahead of the London open. The cable rises as broad US dollar weakness supersedes uncertainty over Brexit and the UK covid vaccine news.

From a technical perspective it is therefore in a good place to breach psychological resistance at the 1.400 psychological round number and eventually reach the high above 1.4375 last seen in April 2018.Pound/dollar has been trading in an uptrend, hitting the highest levels since 2018. Momentum on the four-hour chart is to the upside while the Relative Strength Index remains below 70 – outside overbought conditions. All in all, bulls are in control.

GBP/USD exchange rate was consolidating at the 1.3770 mark. It is likely that the currency pair could face the resistance level—the weekly R1 at 1.380 the new 2021 peak and bounce off. However, if the resistance does not hold, sterling could extend gains in the short term. A possible upside target could be the weekly R2 located at 1.3880.Support is at 1.3760, a previous 2021 peak, followed by 1.3680 and 1.3565, which both served as cushions in recent days.

The material has been provided by InstaForex Company – www.instaforex.com

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