GBPUSD extended its gains for the fifth consecutive day
Last Updated on February 11, 2021
Updated on November 13, 2022 @ 8:31 pm
GBPUSD Outlook – 10th February 2021
GBPUSD continued to achieve gains in the morning of trading on Wednesday in the European market, and recorded the fifth consecutive daily rising and its highest level in nearly three years, this comes with the US dollar continuing its decline against most of the major currencies, and also supports the pound Sterling accelerates the implementation of the Coronavirus vaccination program in Britain.
GBPUSD traded at $ 1.3835, the highest since April 2018, adding 0.15% gains, from today’s opening session at $ 1.3816, in the fifth consecutive daily increase in the longest series of daily gains this year.
During the past weeks, the pound sterling showed some strength in light of market optimism about the acceleration of the pace of vaccinations against the Corona virus, while the trade agreement to leave Britain from the European Union removed some pressure from the currency.
Analysts say that the bulls have opened new positions since the beginning of the year based on their optimistic view of the trade agreement between the European Union and Britain, and hopes for a rapid recovery of the British economy have increased with the acceleration of the Coronavirus vaccination program.
GBPUSD rose within the USD decline
The US dollar witnessed a decline against many global currencies, to record its fourth consecutive daily loss and its lowest level in two weeks, in light of the slowdown in demand to buy the US currency as the best safe and alternative investment with the increasing risks surrounding the market.
The dollar index lost 0.1% today, to trade at 90.32 points, the lowest in two weeks.
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