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GBP / USD is approaching 1.38

The GBP / USD pair continued to move up today and set a new trading high since the end of April 2018. Many investors continue to view the pound as an undervalued currency after the Bank of England made it clear that it does not intend to ease monetary policy any time soon. While the United States continues to ramp up fiscal stimulus measures, the Fed has announced a prolonged period of low interest rates.

 

Investors are also reacting positively to news that the UK authorities have managed to bring the situation with the spread of coronavirus under control. The day before, Prime Minister Boris Johnson said that the vaccination program is helping to contain the further spread of the disease. Against this background, many experts expect a gradual easing of restrictions and an improvement in the economic situation in the coming months.

 

There is no important news in the economic calendar today.

 

On the chart, the price broke through the resistance at 1.3745. This is a strong bullish signal within which we can see the continuation of the bullish trend and the growth of quotations above 1.3800.

 

  • Resistance levels: 1.3800, 1.3900, 1.4000;

 

  • Support levels: 1.3740, 1.3660, 1.3600.

 

The main scenario is growth in the direction of 1.3800 and a rollback downward.

 

An alternative option is growth towards 1.3900.

 

The current fundamental outlook is moderately positive. We consider longs on a pullback to the level of 1.3740.

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