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GBP / USD pair may continue to moderate growth

The GBP / USD pair is trading in different directions today, but is holding close to yesterday's intraday highs. The fundamental background for the instrument remains mostly neutral.

 

In recent days, little important information has been received from the UK that could greatly affect the dynamics of the movement of the British currency. The UK is gradually easing restrictive measures and, most likely, investors will focus on macroeconomic data, which will be released in the coming weeks, to assess how the easing of quarantine measures is affecting business.

 

The US dollar remains the main driver of the GBP / USD currency pair. The American currency is now under pressure, as numerous statements from the FRS officials seem to have convinced investors that interest rates in the US will be kept low for a very long time.

Today, the economic calendar will focus on the block of macroeconomic statistics from the United States. The release of the report on retail sales for March, indices from the Federal Reserve Bank of Philadelphia and weekly data on the labor market is expected.

 

On the chart, buyers are holding the price above 1.3757. As a priority, we still consider the scenario with the growth of quotations towards the level of 1.3830.

 

  • Resistance levels: 1.3830, 1.3950, 1.4000;

 

  • Support levels: 1.3757, 1.3660, 1.3590.

 

The main scenario is a rollback to 1.3757 and an increase to 1.3830.

 

An alternative scenario is a breakdown of the support at 1.3757 and a decline in the direction of 1.3660.

 

The current fundamental background is neutral. We are considering longs from the level of 1.3757.

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