GBP/USD extends the breakout of 1.4700

The sterling remains on a firm fashion today, lifting GBP/USD well above the 1.4700 key barrier.

GBP/USD boosted by polls

The pair is challenging 5-week tops in the 1.4730 area and remains firmly on its way to visit the critical peaks in the 1.4770 region.

The upside momentum in GBP has gathered further traction as of late after poll results showed the ‘Stay’ option leads the voting intentions ahead of the EU-UK Referendum on Thursday, allowing spot to gain more than seven cents since last week’s lows in the 1.4000 neighbourhood.

Data wise in the UK docket, Public Sector Net Borrowing rose less than expected to £9.14 billion in May, while Public Sector Net Cash Requirements rose to almost £3.42 billion during the same period.

GBP/USD levels to consider

As of writing the pair is gaining 0.28% at 1.4733 and a break above 1.4770 (high May 3) would open the door to 1.4815 (2016 high Jan.4) and finally 1.4948 (high Dec.25). On the other hand, the immediate support lines up at 1.4456 (20-day sma) followed by 1.4437 (55-day sma) and then 1.4358 (100-day sma).