GBP/USD hits fresh weekly highs above 1.4400

By FXStreet FXStreet (Córdoba) – GBP/USD broke above 1.4365 and jumped to 1.4403 hitting the highest level since January 15. Greenback weakened against the pound, the euro and the yen after US economic data but spiked lower during the last hour amid volatility in crude oil and stocks prices.

GBP/USD extends recovery

The area around 1.4365 capped the upside last week and again on Tuesday, but recently GBP/USD broke decisively to the upside. So far it has been unable to rally further above 1.4400 but remains near the highs, holding a bullish tone.

Cable extended the recovery from multi-year lows, that reached exactly a week ago at 1.4078. Since then it has risen more than 300 pips.

Price has approached the 20-day MA that currently stands at 1.4410/15 and could offer resistance to the pair. A break and a consolidation on top could open the doors to an extension of the bullish correction that is taking place.
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Source:: FX Street