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GBPUSD Rises to a New Three-and-Half Year High

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The British pound sterling continues to push higher with price action rising to a new three and a half year high. The gains come as the GBPUSD moves closer to the 1.3777 level.

Given that this level has served as support in the past, we could expect GBPUSD to form resistance at this level.

If price reverses near this level, then we might expect price action to slip back to the 1.3500 level of support. But in the near term, GBPUSD will need to break down below the 1.3758 level of support to confirm the downside.

In the event that the currency pair rises above 1.3777 level, then we expect a further upside that could see the next level near 1.4368.

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