The British pound has moved to a fresh monthly trading high against the U.S dollar, with price-action hitting 1.4295, during the European trading session. The GBPUSD pair currently trades around the 1.4275 level, as traders buy the British pound on expectations of an upcoming rate hike from the Bank of England. Moving into the U.S trading session, a bullish weekly close above the pairs 200-week moving average, at 1.4245, may signal further medium-term upside in sterling.
The GBPUSD pair is strongly bullish while trading above the 1.4245 level, key resistance is now found at the 1.4300 and 1.4347 levels.
Should the GBPUSD pair decline below the 1.4245 level, the 1.4200 and 1.4146 levels currently offer strong intraday support.
