GBP/USD driven by dollar weakness
Dollar weakness continues to push this pair higher, as Janet Yellen’s testimony fails to shift views that the Federal Reserve is not going to move in 2016. However, what is lacking at present is a move through to fresh highs for the month above $1.4650.
Buying on weakness may prove to be the best approach here, with upside targets around $1.4650 and then $1.4725. A move lower targets $1.44 and then on down towards the 8 February low at $1.4350.