He's Back! GBP/USD Trade Analysis 09-02-21

108 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

femongi90
Published
GBP/USD has traded largely as a function of USD weakness on Monday; the pair saw some weakness in the early part of the European session, dropping briefly below the 1.3700 level from Asia Pacific levels in the 1.3730s, but did not stay there for long. The buck began to wane around the midpoint of European trade, coinciding with an explosion higher in bitcoin on the news that Tesla had invested $1.5B in the cryptocurrency. Anyway, the move lower in the buck lifted GBP/USD back above the 1.3700 level and beyond Asia Pacific session levels to the 1.3740s, where the pair is now consolidating, up around 0.1% or just over 10 pips on the day.

GBP/USD continues to struggle for further traction as the pair rallies into the mid-1.3700s; since mid-January, the currency pair has been unable to mount a significant break above the 1.3750 level, largely because of a broadly resilient US dollar. But should dollar downside gain some momentum in the coming sessions, picking up on the losses sustained after a downbeat non-farm payrolls report last Friday, then GBP/USD stands a solid chance at hitting fresh annual highs and the 1.3800 level.
Category
Crypto Trading
Tags
Be the first to comment