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GBP / USD pair declines below 1.38

The GBP / USD pair is currently trading below Monday's close at 0.33%. The decline in quotations was due to the global strengthening of the dollar and low demand for riskier assets.

Investors practically ignored the UK labor market data. The unemployment rate in the country in January unexpectedly fell from 5.1% to 5.0%. Experts predicted growth to 5.2%. Employment data were also better than expected. The employment rate decreased by 147 thousand, while the forecast was -167 thousand.

Later, investors will follow the speech of the head of the Bank of England, Andrew Bailey.

In the United States, the focus will be on the data for February on new home sales, as well as the speech of FRS Chairman Jerome Powell and Treasury Secretary Janet Yellen in the relevant committee of the US Senate.

On the chart, the price is going down to support 1.3795. So far, we do not see signals of a possible price reversal upward. The priority is the scenario with a breakdown of support at 1.379 and an update of the local minimum of March 5.

  • Resistance levels: 1.3870, 1.3935, 1.4000;
  • Support levels: 1.3795, 1.3700, 1.3590.

The main scenario is a decline below 1.3795.

An alternative option is growth from the level of 1.3795 to 1.3935.

The current fundamental background is neutral. We consider shorts on a pullback to 1.3870.

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