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GBP / USD is approaching the 1.40 level

The GBP / USD pair on Thursday keeps the upward movement vector. The US dollar remains the main growth driver. The dollar index sank by 0.12% since the beginning of the day. Investors continue to win back the US inflation data released on Wednesday. Contrary to market expectations, the consumer price index fell slightly in February, which had a negative impact on the national currency.

There is no major news in the UK yet. The country's economy continues to recover amid the gradual easing of quarantine measures. Reuters published a survey of economists according to which most experts expect the UK economy to recover to pre-crisis levels in 2 years. At the same time, the peak of unemployment in the country has not yet passed. It is expected that the maximum mark of 6.5% will be reached only in the 4th quarter of 2021. All surveyed experts do not expect changes in monetary policy following the meeting of the Bank of England next week.

The chart continues to develop a moderate upward movement in the direction of the level 1.3990. Upon reaching this mark, we are waiting for the formation of a downward movement.

  • Resistance levels: 1.3990, 1.4050, 1.4100;
  • Support levels: 1.3795, 1.3780, 1.3590.

The main scenario is an increase in the direction of the level 1.3990 and a downward reversal.

An alternative option is to decline from current levels.

The current fundamental background is neutral. We consider shorts from the level of 1.3990.

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