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GBP / USD is testing the 1.36 level

GBP / USD remains in the green trading zone today thanks to the weakening of the dollar. Since the beginning of the day, the dollar index has dipped by 0.1%.

 

Further prospects for the development of the upward movement of the GBP / USD pair depend solely on the dynamics of the dollar. Investors are reducing their positions before the speech of the former head of the Fed Janet Yellen in the US Senate. Yellen is expected to call on lawmakers to step up stimulus measures to avoid a recession that could plunge the US economy into underfunded. Yellen is running for the post of US Treasury Secretary, so her calls for more stimulus measures could significantly weaken the dollar's position in the market.

 

There is no big news in the UK today. The day before, the editor of RTE in Europe tweeted that the EU countries want to postpone the deadline for ratifying the trade agreement with the UK from February to April. This news had virtually no impact on trading, as the countries now have an agreement on the temporary application of the rules of the trade agreement.

 

On the chart, the price approached the important resistance level of 1.3600, which may turn the price down again. It will be possible to count on growth to 1.3700 only after the resistance breakdown at 1.3600.

 

  • Resistance levels: 1.3600, 1.3700, 1.3800;

 

  • Support levels: 1.3510, 1.3465, 1.3410.

 

The main scenario is a decline from current levels.

 

An alternative option is a breakdown of the resistance at 1.3600 and growth in the direction of 1.3700.

 

The current fundamental outlook is neutral. We consider shorts from the level of 1.3600.

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