The British pound continues to recover to the upside against the greenback, hitting 1.3994, as the U.S dollar index starts to correct lower after a strong start to the week. The GBPUSD pair currently trades around the 1.3960 level, after finding strong dip-buying demand from the 1.3917 level. With a lack of market moving macroeconomic data from the United Kingdom, technical traders a likely to focus on the U.S dollar index and the pivotal 1.3992 level.
The GBPUSD pair is intraday bullish while trading above the 1.3956 level, further gains towards the 1.4048 and 1.4100 levels remains possible.
If the GBPUSD pair fails to gain traction above the 1.3992 level, sellers may test towards the 1.3917 and 1.3880 support levels.
