The British pound has broken to a new monthly trading high against the U.S dollar, hitting 1.4303, during the European trading session. The GBPUSD pair has moved higher on intraday U.S dollar weakness, and increased optimism that the Bank of England will soon raise UK interest rates. Should price-action close above the 1.4300 level on a higher time-frame basis, sterling buyers will likely attempt a technical price-test of the January price-high, at 1.4344.
The GBPUSD pair retains a bullish bias while trading above the 1.4255 level, key resistance is found at the 1.4344 and 1.4390 levels.
If the GBPUSD pair fails to hold price above the 1.4300 level, sellers will likely test towards the 1.4255 and 1.4230 support levels.
