GBP/USD hits session high of 1.3911 on the day
But cable has been supported by the upward trendline from last week’s move higher today, and that’s giving enough reason for buyers to come in as we stay above the 100-hour MA (red line).
For now, staying above 1.3900 would be a minor win for buyers – but ultimately it’s the year’s high of 1.3945 that they want to try and break through for another leg higher.
But be reminded that a lot of the sentiment so far has been dollar driven – as the dollar is now the weakest major currency on the major bloc:
Major currencies’ performance against the USD