The British pound continues to trade sharply higher against the U.S dollar, with price-action hitting 1.4175, as buyers edge ever closer to the key 1.4200 resistance level. The move higher in the GBPUSD pair has been sparked by overall U.S dollar weakness, and bullish comments on future rate hikes by BOE voting member McCafferty this morning. Moving into the U.S session, traders look towards the release of U.S PPI inflation data and rising tensions between western and Russian governments.
The GBPUSD pair is strongly bullish while trading above the 1.4146 level, further upside towards the 1.4200 and 1.4243 levels seems possible.
Should price-action on the GBPUSD pair trade below the 1.4146 level, a correction towards the 1.4116 and 1.4088 levels seems possible.
