Sterling Stronger

The Sterling is getting momentum due to major Technical factors, particularly a strong support at the level of 1.4050. Price reached the 1.4050 level a few days ago which drew a triple bottom pattern best seen on H4 chart. It took a few days, however, for price to react to this level and bounce off.

This level of support was widely accepted by the Sterling bulls and massive buying occurred pushing price to 1.4286. If the trend is strong enough then we should see first bull target at 1.44. Then a correction would be expected that would drive prices slightly lower. Long-term trend remains bearish.

Chart: GBP/USD D1