TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

GBP/USD relentless rally continues ahead of US retail sales data

by souhaib
February 16, 2021
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on TwitterShare on Reddit
ADVERTISEMENT

GBP/USD relentless rally continues ahead of US retail sales data

The GBP/USD is loitering near its highest point in three years as investors rule-out negative interest rates in the UK. The pair is trading at 1.3930, which is more than 20% above its lowest level in March last year.

You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

GBP/USD
GBP/USD price action

The UK making progress on vaccines

The UK was the first country to approve the coronavirus vaccine manufactured by Pfizer and BioNTech in December. It was also one of the first countries to start a large-scale coronavirus vaccination program. 


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

In a report yesterday, the UK government said that it had already administered vaccinations to more than 15 million people. The early focus was on the elderly who are most susceptible to the disease. This means that the country will cover the total population in the next few months. 

The new information has drawn more investors back to the British pound and stocks. Indeed, the FTSE 100 index has also risen by more than 7% from its lowest level this month.

The GBP/USD has also risen because of the performance of the US dollar. In the past few months, more investors have moved away from the US dollar because of the risk-on sentiment and the actions by the Federal Reserve. Today, the dollar index has dropped against most currencies, including the euro, yen, and Swedish krona.

On Wednesday, the GBPUSD will react to the important consumer price index (CPI) data from the UK. Economists polled by Reuters expect the data to show that the CPI increased by an annualised rate of 0.4% in January while the core CPI rose by 1.3%. 

Higher inflation numbers will provide further evidence that the Bank of England (BOE) will not push interest rates to the negative zone.

The pair will also react to the important retail sales numbers that will come out in the afternoon session. If the numbers are weaker than estimates, they will point to more urgency to pass another stimulus deal.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice,
eToro:

visit & create account

GBP/USD technical outlook

GBP/USD
GBP/USD technical chart

On the daily chart, the GBP/USD pair has formed an ascending channel pattern. At the current price of 1.3930 level, the price is slightly below the upper side of this channel. The pair is also forming the three white soldiers pattern that is usually bullish. It is also being supported by the 15-day moving average. You can learn more about technical analysis in our free forex trading course. Therefore, the pair will likely continue rising as bulls target the next resistance at 1.1400.



Source link

Share30Tweet19Share
Previous Post

'Sweetheart clause' allows couples to reunite amid pandemic

Next Post

Verge (XVG) surfers reorganization attack losing six months worth of data

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Verge (XVG) surfers reorganization attack losing six months worth of data

No Result
View All Result

Recent Posts

  • Protests over the killing of Tire Nichols were small and peaceful
  • Jeff Bezos, Maluma, Angelina Jolie and Marco Antonio Regil, among others
  • Tyre Nichols’ dying raises tough inquiries about race in policing
  • Fed Set to Shrink Amount Hikes Again as Inflation Slows
  • 3 Guys Arrested Soon after Attempting to Kidnap Iranian-American Journalist

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Politics
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Politics
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide