GBP/USD has recaptured the 1.40 level as the dollar benefits from rising yields. UK PM Johnson is set to lay out a highly-anticipated reopening plan later in the day.

Pound/dollar continues benefiting from upside momentum on the four-hour chart and also trades well above the 50, 100 and 200 Simple Moving Averages. Moreover, the recent dip pushed the Relative Strength Index away from the 70 level – thus further out from overbought conditions.

The fresh multi-year high of 1.4052 is the first resistance level to watch. It is followed by 1.4145, 1.4255 and 1.4370, all date back to 2018.

Support awaits at the daily low of 1.3980, then by 1.3950 and 1.39, which served as stepping stones on the way up.