GBPUSD Chart Technical Outlook extends gains on fresh US Dollar weakness, bulls target 1.3385
The week is not over – the dovish Fed decision, which included a double-dose 50-bps cut, is weighing on the US Dollar. Moreover, the Pound benefits from the hawkish Bank of England stance. The BoE left rates unchanged, with a large majority.
GBP/USD has resumed its gains, challenging 1.3329, which is the 138.2% Fibonacci extension of the 1.3001-1.3239 range. The next level to watch is 1.3385, the 161.8% extension. Support below the previous peak of 1.3315 is at 1.3239.
Bulls remain in control, and the pair has further room to rise before it enters overbought territory. The 4h-RSI is below 70 at the moment.
