GBP/USD bulls taking on bearish commitments at a 61.8% Fibo
GBP/USD refreshes intraday low with 1.3802, currently around 1.3810, during its fifth day of declines on Tuesday.
GBP/USD is currently trading at 1.3890 at the time of writing, rising from a low of 1.3801 to a high of 1.3925, up some 0.54% on the day so far. The pound is supported by positive developments in Britain's vaccination programme, with the Bank of England's governor cautiously optimistic about the nation's economic recovery.
More than 22 million people have already had the first dose of a COVID-19 vaccine in the UK which has encouraged demand for UK assets. In the prior week's futures markets, net GBP long positions surged to their highest levels since April 2018.
GBP/USD Forecast: Bulls may have better chances if the recovery extends beyond 1.3950
The GBP/USD pair reached an intraday high of 1.3925, recovering on the easing dollar’s demand. The pair settled in the 13890 price zone, despite the positive tone of equities, as global indexes closed in the green. The pair’s direction kept depending solely on the US as the UK macroeconomic calendar remains scarce, with the focus on coronavirus vaccines roll-out. The country is among the ones that have vaccinated the most of its population, with roughly 34% of the UK inhabitants having received at least one shot. Nevertheless, the number of new contagions remains above 5,000 per day, and while improving, it’s still high.
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