The British pound has recovered sharply against the U.S dollar, with price-action moving back towards the 1.4190 level, after meeting strong dip buying demand at the 1.4087 level on Tuesday. The GBPUSD pair is likely to see further upside gains once clearly above the key 1.4200 level, with the March monthly trading-high then insight at the 1.4244 level. The U.S dollar index looks set to be the key driver of the pair today, as we see the release of the U.S GDP and Core PCE during the U.S session.
The GBPUSD pair is only bullish whilst trading above the 1.4200 level, further gains towards 1.4244 and 1.4268 remains possible.
If the GBPUSD pair fails to hold price-action above the 1.4200 level, sellers are likely to again test well-defined intraday support, at the 1.4146 and 1.4087 levels.
