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GBPUSD Advances Higher Again, but Can it Hold the Gains?

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The British pound sterling posted a strong reversal snapping a two-day losing streak. Price action was bullish as it broke past the previous highs near 1.3950.

On an intraday basis, the GBPUSD rose to highs of 1.3985 before giving back some of the gains.

Further upside is likely to continue as the GBPUSD approaches the key 1.4000 round number level.

But given the current set up of the Stochastics oscillator, the bullish momentum might be losing steam.

For the moment, the line in the sand is the Tuesday high of 1.3950. A daily close below this level could keep either prices moving sideways or a drop to Wednesday’s lows of 1.3829.

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