The British pound has moved higher against the greenback overnight, hitting 1.3988, after sellers failed to gain traction below the 1.3901 level. The GBPUSD pair is currently trading around the 1.3950 region, after traders booked profits from over-extended levels, as buying demand again waned above the key 1.4000 handle. Moving into the European session, sterling traders look towards the pivotal 1.3938 level and the U.S dollar index for directional guidance.
The GBPUSD pair is intraday bullish whilst trading above the 1.3938 level, key upside resistance is found at the 1.4008 and 1.4090 levels.
If GBPUSD price-action moves below the 1.3938 level, sellers may push price-action back toward the key 1.3901 support level.
