Cable extends gains, looks towards January high

Author: Justin Low | Category: News

GBP/USD touches a high of 1.4321 on the day


The breach of the 1.4300 figure level is giving renewed vigour to buyers as the pair touches new highs for the day. Currently, it is holding up above the 1.4300 figure level which is a good platform to build on.

The next key level to the upside will be the January high - also this year's high - of 1.4345. That will be a level of interest for sellers but if taken out, can prove to be a catalyst to spark another leg higher in the pair.

As mentioned previously though, do look out for risk events with sterling this week. It's going to be a key week. We have the jobs report, inflation report, retail sales data, as well as the Brexit bill debate by the House of Lords on Wednesday. Those are all key risk events that could add some twists and turns for cable.