Sterling rises amid falling infection rates.
GBPUSD continues to rise amid the moderate sterling bullish sentiment as Britain’s fast coronavirus inoculation programme provides the support to the currency. The pound has been rising in the past few weeks on optimism over Britain’s rapid COVID-19 vaccination roll-out – with over 12 million people receiving the first vaccine dose. This is starting to have the measurable effect on the daily infection rates and the corresponding death rates which are falling drastically – the death rate plunged 33% in the last few days. This is putting UK in the relatively more advantageous position in investor eyes in relation to the other countries/EU and is driving the sterling gains at the moment. Latest breakout of the resistance level 1.3756 also added to the bullish pressure on the pair.
Expect buyers on downward corrections.
Next resistance to watch – 1.3900
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