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GBP / USD pair recovers from Monday losses

The GBP / USD pair is trying to recover the losses of the previous trading day on Tuesday. The growth of the currency pair today is provided primarily due to the weakening of the dollar across the entire spectrum of the market. Since the beginning of the day, the dollar index has dropped by more than 0.23%. Thus, investors are reacting to the decision of the House of Representatives to approve Trump's initiative to increase stimulus payments to Americans to $ 2,000. The bill has been submitted to the Senate.

 

Interest in the British currency on the part of bidders remains low, despite the trade agreement with the EU. The harsh economic reality after Brexit and the difficult epidemiological situation in the country neutralize optimism from the conclusion of the agreement. UK economic prospects remain uncertain.

 

The UK reported 41,385 new cases of COVID-19 on Monday, up from 30,501 on Sunday. The number of infected people is actively growing despite the vaccination program. After the Christmas and New Year holidays, experts predict a new surge in the incidence.

 

On the chart, yesterday the price broke through the local support levels of 1.3525 and 13480. This is a negative signal showing buyers' weakness. Today there is still a risk of further decline in quotes to 1.3410.

 

  • Resistance levels: 1.3480, 1.3525, 1.3600;

 

  • Support levels: 1.3410, 1.3350, 1.3285.

 

The main scenario is a decline to 1.3410 and an increase to 1.3480.

 

An alternative scenario is a breakdown of the support at 1.3410 and a decline in the direction of 1.3285.

 

The current fundamental outlook is moderately negative. We consider longs from the level of 1.3410.

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