GBP/USD breached key resistance at 1.4000 & continues to rally hitting near 3 month high.
Friday’s dismal US NFP data has weakened the Dollar seeing the Pound surge over 200 pips into this mornings trading session.
The SNP has failed to win a majority in Scotland, now with less political uncertainty the bulls will look to extend their gains.
PM Johnson is today set to make a statement, on how the country will move into the next phase of reopening as Covid numbers continue to fall.
Price is trading well above 50,100 & 200 MA but entering overbought conditions on the 4HR which may cap the rally.
As seen on the chart price is now in a 10 week uptrend with the next important resistance at 1.4140, this coincides with the ascending trendline with little in the way of further gains.
In the opposite direction the first target for the bears can be found at the level of 1.4000, which is now acting as support.