GBPUSD Short Squeeze

The British pound has recovered back towards the 1.3900 level against the US dollar, after bears failed to hold the price under the 1.3800 support level. A short squeeze may be on in the making, although caution is still advised as the US dollar index has recently turned bullish in the short-term. Traders that believe the US dollar index is about to strengthen again may look for GBPUSD weakness above the 1.3900 level.

The GBPUSD pair is only bullish while trading above the 1.3840 level, key resistance is found at the 1.3910 and the 1.3930 levels.

If the GBPUSD pair trades below 1.3840, sellers may test the 1.3800 and 1.3660 support levels.

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