GBP/USD hit weekly highs above 1.3740 on dollar weakness


  • DXY turns negatives, falls to six-day lows.
  • GBP/USD continues to move in a range, closer to the upper limit.

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.

 In Wall Street, stock indices hit record highs. The Dow Jones is up by 0.40%, and the Nasdaq gains 0.57%. Equity prices are on its way to the sixth consecutive daily gain supported by economic expectation, the vaccines, stimulus hopes and corporate results.

Range prevails in GBP/USD

The rebound of cable was capped below the recent highs and the upper limited of the trading range near 1.3760. The mentioned level continues to be a key resistance that if broken, could clear the way for 1.3800. On the flip side, 1.3600 is again a support level to consider. A consolidation below would suggest more weakness ahead.

GBP/USD

Overview
Today last price 1.3745
Today Daily Change 0.0006
Today Daily Change % 0.04
Today daily open 1.3739
 
Trends
Daily SMA20 1.3664
Daily SMA50 1.355
Daily SMA100 1.3296
Daily SMA200 1.3006
 
Levels
Previous Daily High 1.374
Previous Daily Low 1.3666
Previous Weekly High 1.3758
Previous Weekly Low 1.3566
Previous Monthly High 1.3759
Previous Monthly Low 1.3451
Daily Fibonacci 38.2% 1.3712
Daily Fibonacci 61.8% 1.3694
Daily Pivot Point S1 1.369
Daily Pivot Point S2 1.3641
Daily Pivot Point S3 1.3616
Daily Pivot Point R1 1.3764
Daily Pivot Point R2 1.3789
Daily Pivot Point R3 1.3838

 

 

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