One may observe dollar weakness during today's session, with the British pound benefiting the most (supported by the vaccine situation in the country). The GBPUSD is currently trading 0.7% higher, and the pair broke above the important resistance area.
Looking at the H4 interval, a double bottom formation was formed recently. According to the classical technical analysis, the 1.4150 level is the potential target for buyers. However one should also pay attention to the resistance zone at the round level of 1.40, where previous price reactions are located. Breaking higher this hurdle may lead to an acceleration of upward move.
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GBPUSD H4 interval. Source: xStation5
