The Cable also followed U. S. equities higher, propelling from our 1st tier downtrend line and back above the psychological 1.40 area. However, the GBP/USD is backing away from our 2nd tier downtrend line as we speak, showing hesitation as investors await the S&P's next move.

The Cable has climbed back into the bottom of the February trading range, a positive development for the currency pair. We anticipate some consolidation from the GBP/USD today with no economic data releases from Britain. Additionally, we anticipate a near-term struggle with 1.40 and our 2nd tier downtrend line.

All eyes will be on the consumer sentiment release from the U. S. today coupled with the conclusion of the G20 meeting. Fundamentally, we find resistances of 1.4062, 1.4112, 1.4155, and 1.4199. To the downside, we see supports of 1.4008, 1.3975, 1.3932 and 1.3903. The GBP/USD is currently exchanging at 1.4033.

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