The 4H chart shows that GBP has got substantial support at 1.3785-1.3810 handle. The pair has been mainly bullish since the yesterday’s American session.
The exchange rate stays well below 34-, 144-, 55- and 89-period moving average that is the line of the resistance of 1.3895, 1.39475, 1.4000 and 1.40575.
The MACD remains in the negative area, but above its signal line for now. The indicator keeps gradually rising promoting GBP purchases.
Oscillator stochastics is in the neutral area and gives a similar signal as %K line is moving above %D one.
Thus, the prices are likely to keep rising, while bulls may target 1.3940, 1.39925 and 1.4035.
Notably, the UK will announce the inflation data today, which can strongly affect further trading.
The price is 1.3854. The resistance levels are 1.38725, 1.3895, 1.3905/10, 1.3940/475 and the supports – 1.3850, 1.3810, 1.3785, 1.3765, 1.37425, 1.3700.