GBP/USD keeps soaring, with focus on 1.42 mark

GBP/USD keeps soaring, with focus on 1.42 mark

On Wednesday, the currency pair GBP/USD pair maintained its firm bid tone and in the last hour the pair managed to inch up to 1.4200.

Remarks from the US Treasury Secretary Steven Mnuchin, backing a weaker US dollar, kept applying downward pressure on the greenback and brought it to the lowest value for 3 years. 

Versus the backdrop of optimism over a favorable divorce with the European Union, the currency pair showed a firm up-move today, underpinned by better-than-anticipated British wage surge data.

As for the bulls, they took a breather close to the mark 1.4200, with excessively overbought conditions encouraging some profit-taking following the pair's recent ascend of nearly 350-pips for the last three trading sessions. 

Market participants are currently waiting for the publication of flash American PMI prints that along with the existing home sales report would ensure some trading impetus. 

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