GBP/USD is looking to extend run over 1.42

This week's risk appetite is giving the Sterling a leg up, extending March's gains.
A quiet showing for the macro calendar for Tuesday sees pairs exposed to swings in market sentiment.

Joshua Gibson FXStreet

The GBP/USD pair is middling inside of the Asia session's high and low, testing near 1.4225 heading into the European markets.

This week has seen the return of risk appetite in the markets, and the Sterling is holding on the high side against the Greenback despite a quick bout of risk aversion in the Tokyo session.

The Japanese land sale scandal is drifting back into focus as fears over a trade war between the US and China sift into the background (at least temporarily). The Japanese Diet is hearing testimony from key witnesses in the ongoing scandal, trying to determine who is ultimately to blame for altered documents involved in a land sale between the Japanese government and a school operator with personal ties to the Japanese Prime Minister, Shinzo Abe. The ongoing debacle is taking the top off of risk appetite in currencies, but the Sterling is holding steady on the high side and looking set to drive further.

GBP/USD Levels to watch

March has been a consistent climb for the GBP/USD, and the pair is close to resistance at January's high of 1.4345, with immediate resistance at 1.4275. Support is currently priced in at the 1.4170 level, with major support at the week's low of 1.4130.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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