Trading | 4 months ago
GBP/USD pair is trading at 1.39300 level from last two days. This price level is an important support zone for GBP/USD pair. British Pound rose by 1.11% against the US dollar on Monday. but soon after that it started consolidating at 1.3950 due to the cautious market mood.
The UK inflation figures for March and the annual Consumer Price Index was released on Wednesday. However, these figures did not affect the GBP/USD pair as expected. In the last week, GBP/USD rose by 0.95% On the account of ongoing vaccination program. This week also GBP/USD is performing pretty good. The GBP/USD pair saw a bearish momentum in the month of March due to the new coronavirus strain which was found in London.
However, in the month of April, GBP/USD pair is witnessing a bullish run. So far it has recovered almost 40%. The next resistance level for GBP/USD pair is 1.4000 which is also a very important psychological level. If it breaks this level, then we may see a big positive breakout which may get pushed to 1.4100 as well.
The short-term technical outlook for GBP/USD is slightly bullish. The Relative Strength Index (RSI) indicator shows the value of 57. Therefore, one must look for shorter buying opportunities in GBP/USD.
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