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Broad-based US dollar weakness has helped to lift the cable back above the 1.4000 level with the pair moving back towards the end of February high at 1.4237. The pound has also received a modest boost following the news that the SNP fell just short of winning a majority in Scottish parliamentary elections. In the view of economists at MUFG Bank, independence risks are too far in future to have lasting impact on the sterling.
Major resistance above the psychological level is between 1.4000 and 1.4009, which has rejected upward moves earlier this year. Price appears to be testing that limit into the weekend. On the other hand, the Relative Strength Index is nearing the 70 level, indicating overbought conditions.
The next level to watch on the upside is 1.4080, which provided support in late February. It is followed by 1.4140, a battle line, and then by 1.4180, a swing high before the cable began its move down. The 2021 peak of 1.4240 is next. Support is at 1.4010, the broken triple top, followed by 1.3980, 1.3930 and 1.3860.
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