GBP/USD Steadies Over A Three-And-Half-Year High

The British pound sterling has closed with gains for six consecutive weekly sessions so far.\


The gains put the GBPUSD over a three and half year high, closing on Friday at 1.4018. This puts the currency pair near a multi-year support/resistance level.


A continuation to the upside could see further gains coming.


In the short term, price action is able to make consistent higher lows in maintaining the bullish trend. Therefore, further gains are likely as long as the current moment holds.


The daily Stochastics oscillator is in the overbought levels since 9th February. This could, however, change if the momentum shifts to the downside.


For the moment, the initial level near 1.3851 will be key ahead of any short term corrections.


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