GBPUSD Pushes Higher but Gives Back Gains

The British pound sterling continues to rise higher, marking a new high of 1.3866 intraday. But price action is pulling back after testing this level.

The Stochastics oscillator is firmly in the overbought levels supporting the upside bias. For the moment, the downside remains limited until we see a lower high forming.

Given the current pace of gains, the GBPUSD is seen testing the support area of 1.3790.

A strong close on a weekly basis above this level is needed to confirm further upside.

For the moment, the untested support level near 1.3759 will be the likely downside target in case of a correction.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now.