Sterling rises as infections slow down.
GBPUSD under the bullish pressure today on widespread sterling optimism as the markets are focusing now on the fact that data showed new COVID-19 cases in Britain had fallen for five consecutive days for the first time since February. This reinforced the relative advantage of the sterling against the other major currencies – as being the currency of the country which has been the fastest to administer the vaccinations to its older generations. This made the pound the second-best performing G10 currency over the previous week’s 5-day trading period. The pair is also driven up by the USD outflows as investor focus turned to this week’s meeting of the U.S. Federal Reserve.
Expect buyers on downward corrections.
Next resistance to watch – 1.3820