GBPUSD pair fell in the final hours of US trading, ending the day in the red around 1.4040. The pair bared quite well with the dollar's demand, but the greenback found strength in soaring US Treasury yields after a 7-year bond auction resulted at 1.19% vs 1.14% ahead of the event. The UK macroeconomic calendar had nothing to offer, preventing the pound from advancing further despite the broad dollar weakens, as the UK currency is largely overbought. On a positive note, UK´s chief medical officials recommended downgrading the coronavirus alert level as pressure on the health system recedes. The UK will publish February Nationwide Housing Prices on Friday, hardly a market mover.
The GBPUSD pair pressures daily lows ahead of the Asian opening and is bearish in the near-term.
The aggressive exit from the bullish channel could favor another leg lower in the upcoming sessions, targeting 1.3913 / 1.3852 / 1.3795.
The GBPUSD pair pressures daily lows ahead of the Asian opening and is bearish in the near-term.
The aggressive exit from the bullish channel could favor another leg lower in the upcoming sessions, targeting 1.3913 / 1.3852 / 1.3795.