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British Pound (GBP) Latest: GBP/USD Likely to Head Back Above 1.36

British Pound (GBP) Latest: GBP/USD Likely to Head Back Above 1.36

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • The USD is weak against most other major currencies Wednesday as hopes that the world’s central banks will continue to pump liquidity into the banking system and the roll out of coronavirus vaccines leads to a further move out of the safe-haven Dollar into currencies seen as more risky.
  • That is benefiting not just GBP but also EUR, AUD and crude oil as traders shrug off the continuing spread of new variants of Covid-19 and the delaying by the US Senate majority leader of a vote on virus relief checks.
  • This session, members of the UK Parliament will approve the post-Brexit trade deal with the EU and the AstraZeneca/Oxford University vaccine has been approved in the UK – all suggesting that GBP/USD may head back to the recent highs above 1.36.
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GBP/USD benefiting from weak USD, 1.36 in sight

GBP/USD remains well placed to move back to the highs around 1.3620 touched on December 17 and again on Christmas Eve. Like other ‘risk-on’ currencies such as EUR and AUD, it is benefiting from a weak US Dollar as renewed market optimism sends traders out of safe-havens into alternatives; a move also benefiting crude oil.

GBP/USD Price Chart, One Hour Timeframe (December 17-30, 2020)

Latest GBP/USD price chart.

Source: IG (You can click on it for a larger image)

GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% -25% -15%
Weekly 22% -39% -20%
What does it mean for price action?
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Behind the current market optimism lie hopes that the world’s central banks will continue to pump liquidity into the banking system, hopes that the roll-out of coronavirus vaccines will lead to an economic recovery in 2021 and approval Wednesday of the AstraZeneca/Oxford University vaccine for use in the UK. That’s despite the blocking by US Senate majority leader Mitch McConnell of a vote on virus relief checks and the spread of Covid-19 variants.

MPs to approve EU-UK trade deal

Adding to the positive tone in the UK, members of the British Parliament are about to approve the EU-UK trade deal. There was also positive UK economic news Wednesday, with the Nationwide house price index showing that annual house price growth rose to a six-year high of 7.3% in December.

Latest Nationwide house price index.

Source: DailyFX

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--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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