GBPUSD rises as UK reopens and dollar falls.
GBPUSD under the bullish pressure today under the effect of the sterling optimism and the dollar outflows as Treasury yields traded near recent lows and traders awaited important U.S. inflation and retail sales data in next few days. A fall in U.S. yields last week led to the worst week for the dollar in 2021. With yields grinding lower on Monday, dollar is back under bearish pressure. The sterling is, in constant, well bought by the traders on hopes today’s reopening in UK will lead to further economic recovery as shops in England reopen. In response to this speculators cut back their long sterling positions – adding to the bullish pressure on GBPUSD. Latest reversal form pivotal support at 1.3665 also added to bulls’ appetite.
Gold buyers on downward corrections.
Next resistance to watch – 1.3840
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