- The pound among the currencies that rose the most on Monday.
- The dollar remains under pressure, DXY aims to test 90.00.
The GBP / USD reached levels above 1.4100 for the first time since late February. The pound remains strong and reached new highs throughout the market.
The combination of a rise in the British currency coupled with some general weakness of the dollar, propel the GBP / USD, which accumulates an advance of one hundred pips so far this day.
The result of the elections in Scotland, according to analysts, means that a referendum for independence is not imminent. This triggered the rally of the pound, which caught up with the market, having performed below average in recent sessions.
The other leg for the current rise is the weakness of the dollar. While Monday is retreating at a moderate pace, it remains under pressure. The rebound in Treasury yields is easing and equity markets are rising. The DXY has been trading at the lows since February, at 90.10.
With no economic impact data ahead, the focus will be on the current weakness of the dollar and the very short term in what the GBP / USD does with the 1.4100 zone, which is being tested. In case of breaking above the resistances are at 1.4120 and then 1.4150. In the opposite direction, supports can be seen at 1.4045 and then 1.3990.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
