GBP/USD: Next target is at 1.3880 before the 1.4000 level – OCBC

The GBP/USD pair has moved north of 1.3800. The next target may be at 1.3880, but a further extension towards 1.4000 on a multi-session horizon cannot be discounted, Terence Wu, FX Strategist at OCBC Bank, reports. 

Key quotes

“The breach of the 1.3800 resistance implies that the GBPU/SD may extend its run all the way to 1.4000, although the immediate next target is at 1.3880.” 

“Strong vaccination drive, and being past the peak of the most recent pandemic surge will be supportive of the cable.”