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
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.
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