GBP/USD jumps and extends gains above 1.3800 on May’s comments

• Pound best performer of the US session. 
• May: we are close to an agreement on Brexit transition. 
• GBP/USD breaks above 1.3820 to highest since Wednesday. 

The pound rose across the board during the last minutes on the back of PM May speech at the Parliament. GBP/USD rose further extending gains above 1.3800. The pair is now up for the third day in a row as it continues to rise after bottoming last week at 1.3711, the lowest since January 12. 

Cable jumped following May’s comments. It rose from 1.3810 to 1.3857 in a few minutes, hitting the highest level since last Wednesday. Then pulled back modestly and as of writing, was trading at 1.3845, keeping a strong bullish tone in the short-term. 

PM May said that there are close to an agreement on Brexit transition and added that the decisions of the European Court of Justice “will continue to affect us”. Those comments contribute to ease uncertainty about current talks. 

GBP/USD Technical levels 

To the upside, resistance level might be located 1.3855/60 (Feb 27 low / Mar 5 high), 1.3915/20 (Feb 28 high) and 1.3910. On the slip side, support could be seen at 1.3835 (European session high), 1.3755 (Mar 2 low) and 1.3725.