Pound Sterling Price News and Forecast: GBP/USD cheered up on hopes of a gradual re-opening of the UK economy
|GBP/USD analysis: Reaches above 1.3750
GBP/USD
On Monday morning, the GBP/USD once again found support in the March and April low levels at 1.3670. It resulted in a surge, which passed the resistance of the 55-hour simple moving average and the resistance zone above the 1.3720 level.
In the near term future, the rate was expected to test the combined resistance of the weekly simple pivot point and the 100-hour simple moving average at 1.3766.
In the case of the rate surging above 1.3766, the pair could encounter resistance in the 200-hour simple moving average at 1.3793 and the 1.3800 mark. Above these levels, the most close by resistance was the weekly R1 simple pivot point at 1.3861.
GBPUSD: Recovers from daily lows near 1.3670 as UK economy gears up for re-opening
The GBP/USD pair is recovering sharply from the intraday lows near the 1.1370 region and climbing back to the daily tops, almost a 75-pip move in the mid-European session.
At the time of writing, GBP/USD is trading at 1.3746, up 0.28% on the day.
The sudden pick-up in the pair has come after the UK economy opened partially today. This includes the outdoor area in pubs and restaurants, hairdressers, gyms, and non-essential retailers, which opened for the first time in several months. Investors turned their attention to the sustainability of the economic growth as the nation entered the next phase of its coronavirus roadmap. The enthusiasm uplifts the cable and boosted the pair’s performance.
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