The British pound Sterling continues to surge ahead with price action rising above 1.3900.
So far, GBPUSD has been posting gains for nearly five consecutive weeks.
A continuation to the upside could see price action rising towards the 1.4400 level. This would mark the highest level since mid-2016.
But the current pace of gains has seen no meaningful pullback just as yet. Therefore, the lack of any support to the downside is likely to open the downside risk.
The recent swing high near 1.3867 is likely to act as support. But if the GBPUSD loses this handle, we expect a correction down to 1.3759 next.
