GBP/USD at fresh daily highs above 1.43

By FXStreet FXStreet (Mumbai) – The technical correction in the oversold GBP/USD continues heading into the weekend. The pair hit a fresh daily high of 1.4329.

Above hourly 200-MA

The pair is trading well above the hourly 200-MA located now at 1.4297 levels. The traders turned a blind eye towards a horribly weak retail sales figure as the upbeat UK public sector net borrowing number provided a reason for profit taking on Sterling shorts ahead of the weekend.

The focus now is on the US data – Markit manufacturing PMI, Existing home sales. At the moment, the pair appears on track to end the three-week losing streak.

GBP/USD Technical Levels

The spot currently trades around 1.4320. The immediate resistance is seen at 1.4351 (23.6% of 1.5230-1.4079). A break higher would expose 1.44 levels. On the other hand, a break below 1.4297 (hourly 200-MA) could send the pair down to 1.4211 (5-DMA).
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Source:: FX Street