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GBP / USD may go into correction

The GBP / USD pair is demonstrating moderate growth today, but so far it cannot renew the highs of yesterday's trading. There are no new drivers on the market to continue the bullish trend.


After the meeting of the Bank of England, which took place last week, the GBP / USD pair has been growing for 5 days in a row. The regulator denied rumors about a possible easing of monetary policy in the near future, supporting the national currency. Now this news is won back by the market, and there is no other news that could support the British currency yet.


Reuters reported today that the UK is facing its first financial difficulties since Brexit. London is gradually losing its status as the financial capital of Europe. In January, Amsterdam became the largest stock trading center in Europe, displacing London from its historic top spot. On average, Euronext Amsterdam and the Dutch subsidiaries CBOE Europe and Turquoise had an average intraday turnover of 9.2 billion euros in January. ($ 11.16 billion), which is more than four times more than in December, the report said. After Brexit, many financial companies came under the jurisdiction of the Netherlands after Brexit. This is the reason for the growth of trading on the Amsterdam stock exchanges.


In the economic calendar today it is worth paying attention to the weekly data on the US labor market and the Fed's report on monetary policy.


On the chart, we note resistance at 1.3855, which the currency pair cannot overcome yet. From current positions, we can see a downward correction before the currency pair continues to move towards 1.3900.


  • Resistance levels: 1.3855, 1.3900, 1.4000;


  • Support levels: 1.3765, 1.3660, 1.3600.


The main scenario is a rollback to 1.3765 and growth in the direction of 1.3900.


An alternative scenario is growth in the direction of 1.3900 from current levels.


The current fundamental background is neutral. Consider short-term sales from the level of 1.3855.

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