Pound Sterling Price News and Forecast: GBP/USD continues to move in a range, closer to the upper limit
|GBP/USD hit weekly highs above 1.3740 on dollar weakness
The GBP/USD bounced to the upside after the beginning of the American session and climbed to 1.3749, reaching the highest level in a week. It remains near the highs, on the back of a weaker US dollar across the board.
The USD Dollar Index was recovering from Friday’s slide and turned to the downside, falling to 90.89, a six-day low. During the American session, risk appetite and the move off highs of US bond yields, weakened the dollar.
GBP/USD: Bulls eye recent peaks, boosted by renewed risk sentiment
GBP/USD
Cable remains constructive on Monday and focusing new 2021 high 1.3757, following last week’s strong downside rejection (1.3565) which formed a bear-trap pattern, signaling strong bids and keeping larger uptrend (recently paused) in play.
But 1.37 zone still marks very strong barrier which so far resisted several attacks, however shallow dips suggest that the pair would stay in extended consolidation before final break higher.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.