GBP/USD analysis: Could trade upwards
Yesterday, the GBP/USD exchange rate bounced off the psychological level at 1.3700.
It is likely that the currency pair could gain support from the 55-hour moving average near 1.3680 and extend gains within the following trading session. The pair could target the weekly R2 at 1.3776.
GBP/USD consolidates around the 1.3650 mark, as markets eye incoming events stateside
GBP/USD has traded within relatively thin 1.3620ish-1.3680 ranges so far on Thursday, with the pair at the moment trading with minor gains of around 0.2% or just under 30 pips at just above the 1.3650 level. Markets are firmly focused on the USD side of the equation, with dollar traders eyeing key incoming events including a speech from the Chairman of the US Federal Reserve Jerome Powell at 17:30GMT and incoming US President Joe Biden’s stimulus plan announcement at expected at 00:15GMT on Friday.
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