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GBP/USD: 1.4000 in sight?

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GBP/USD was favored by a broad-based USD weakness during Tuesday’s session, following the news of Rex Tillerson’s dismissal as U.S. Secretary of State. The current cycle overview shows us that Cable is poised to post fresh highs across the board, as the pair managed to break above March 6th highs. If the pair continues with the bullish bias, the next target would be the 100% Fibonacci level at 1.3998. To the downside, a strong support is placed around 1.3938.

RSI indicator stays in the overbought territory.

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