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British Pound (GBP) Latest: GBP/USD Highest Since May 2018, Uptrend Intact

British Pound (GBP) Latest: GBP/USD Highest Since May 2018, Uptrend Intact

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • GBP/USD continues to storm ahead, reaching its highest level since 2018.
  • Moreover, its long-term trend higher remains in place, suggesting even more gains to come.
  • This is not just about “risk-on” sentiment in the markets generally; GBP is also strong independently against other currencies such as the Euro.
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GBP/USD still trending higher

Further long-term gains in GBP/USD are looking increasingly likely after the pair hit its highest level since May 2018 and continues to climb within a well-defined channel on the weekly chart.

GBP/USD Price Chart, Weekly Timeframe (February 26, 2018 – January 27, 2021)

Latest GBP/USD price chart

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

Other currencies such as AUD, NZD and CAD have also benefited from a risk-on tone in the markets based on vaccine rollouts, the prospect of a substantial US pandemic relief program, an upgrade by the IMF of its 2021 growth forecasts and a decline in new Chinese Covid-19 cases.

However, GBP continues to outperform some of its rivals, as the EUR/GBP chart below shows.

EUR/GBP Price Chart, Daily Timeframe (March 4, 2020 – January 27, 2021)

Latest EUR/GBP price chart

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

Here too, GBP is well placed for further gains after a break to the downside in the pair.

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- 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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