- The pound rose on all fronts and is one of the best performers on Wednesday, favored by several factors.
- GBP / USD still fails to hold above 1.3700 and pulls back.
GBP / USD is moving in an uptrend since the start of Tuesday. The tour picked up speed in the European session on Wednesday, with the price reaching 1.3718, the highest intraday level since April 2018. From the new high the pair fell back, returning below 1.3700.
GBP, the best of the day
The pound is the currency, among the main ones, the one that is having the best performance on Wednesday. The vaccination process in the United Kingdom gave momentum to the currency in the last days. Added to this on Wednesday was UK inflation data that was above expectations. In turn, the EUR / GBP break below key support gave it more strength, al rally del GBP/USD.
The advance of the pair occurs even though the dollar is showing some strength in the market. He DXY, having fallen to 90.22, is approaching 90.50. The rise is behind a rebound in yields on Treasury bonds.
The market’s eyes are on Washington, where Joe Biden will take office in hours. Yesterday Janet Yellen, designated Treasury secretary, spoke about the need for support for the economy. The market discounts more fiscal stimuli. Wall Street futures are rising modestly. There, investors also have attention on the presentation of corporate results.
Technical levels
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