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GBP / USD pair may renew weekly high today

The GBP / USD pair ended trading in Asia with a moderate decline. The main pressure on the currency pair was exerted by the US dollar. The dollar index rose just over 0.1%.

 

At the beginning of the European trading session, the dollar suspended its growth. The dynamics of the movement of long-term US government bonds had a negative impact on the national currency. The 10-year Treasury yield declined from 1.753% to 1.723%.

 

The situation on the stock markets may have a positive impact on the British pound sterling. Risk appetite is growing in the market after Joe Biden unveiled a new $ 2 trillion plan to modernize US infrastructure.

 

Manufacturing PMI data will be released later in the UK. The indicator is forecast to grow from 55.1 to 57.9 points. Most likely, the market reaction will be restrained. More significant for the British currency is the service sector PMI.

 

The US is also expected to release manufacturing PMI data from ISM and weekly labor market data today.

 

The GBP / USD pair may continue its corrective growth today. This scenario will be relevant as long as buyers keep the price above the level of 1.3740. The first target is at 1.3845. The medium-term target is the level 1.3935.

 

  • Resistance levels: 1.3845, 1.3935, 1.4000;

 

  • Support levels: 1.3740, 1.3660, 1.3590.

 

The main scenario is growth above 1.3845.

 

An alternative scenario is a breakdown of the support at 1.3740 and a decline to 1.3660.

 

The current fundamental background is neutral. We are considering short-term buys from the level of 1.3740.

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