Pound turned higher on improved risk sentiment this Friday as worldwide stocks seem to have halted the bleeding. The British currency also found support in recovering oil prices, hovering above $27.00 a barrel after flirting with $26.00 during the previous American session.
With no data having been released in the UK, the GBP/USD is trading near its weekly high, of 1.4577, the level to beat to confirm a new leg higher. Technically, the 4 hours chart shows that the price is currently above a mild bullish 20 SMA, while the technical indicators aim higher above their mid-lines, in line with further gains.
The main resistance and probable bullish target, should the weekly high give up, comes at 1.4665, the 50% retracement of its latest weekly decline and past week high. Below 1.4520, on the other hand, the risk turns towards the downside, with the pair then risking a decline down to the 1.4460 region.
View the live chart of the GBP/USD
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