GBP/USD to advance nicely towards the 1

GBP/USD to advance nicely towards the 1.3700 zone

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The GBP/USD pair is slowly by steadily advancing towards this year’s high at 1.3624, as speculative interest keeps selling the greenback. The cable is neutral-to-bullish in the near-term and could extend its advance to the 1.3700 area, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“News that the US Congress delayed the discussion on increasing coronavirus relief’s direct payments hit the American currency. In the UK, Parliament is set to discuss and vote on the post-Brexit deal with the EU, which is expected to pass without too much noise.”

“The UK reported a record of over 53K new coronavirus contagions on Tuesday,  while the death toll surpassed 71K, despite tough restrictions are under place in most of the country. The kingdom approved today the emergency use of the AstraZeneca vaccine and will start applying it next Monday. Combined with the Pfizer vaccine currently in use, the country has an ambitious plan to vaccinate 2 million people per week.”

“The bullish case will be firmer once beyond the year high at 1.3624, with room for an advance towards the 1.3700 threshold.”

Credit: FX Street

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