GBP / USD pierces 1.3800, hits new monthly high above 1.3830

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  • GBP / USD maintains its bullish momentum during the European session.
  • The US Dollar Index continues to push lower towards 93.50.
  • The major Wall Street indices are still on track to open higher.

The pair GBP/USD it continued to rise during European trading hours and reached its strongest level in a month at 1.3832. At time of writing, the pair was up 0.75% at 1.3828.

USD selloff gains momentum

Strong selling pressure surrounding the dollar on Tuesday appears to be driving the pair’s rally. In the absence of the release of high-level macroeconomic data, the risk appetite environment is making it difficult for the dollar to find demand. The US Dollar Index was last seen shedding 0.42% on the day at 93.55.

Later in the session, data on housing starts and building permits for September will be included in the economic record. Meanwhile, US stock index futures rose between 0.35% and 0.45%, suggesting that risk flows are likely to continue to dominate financial markets in the second half of the day.

On the other hand, rising expectations of a rate hike from the Bank of England ahead of Wednesday’s September UK inflation report is allowing the British pound to outperform its rivals.

Technical levels

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