GBP/USD Violates Triple Top – Brace for Buying!
Arslan Butt • 3 min read
GBP/USD succeeded to maintain its overnight bid tone through the first half of the Asian session and hit the intra-day highs around the 1.4190 level after the U.K. jobless rate unexpectedly fell to 4.8% in March, which instantly raised hopes over the U.K. economic recovery and contributed to the currency pair’s gains. Meanwhile, the reason for bullish bias could also be tied to the broad U.S. dollar weakness.
The sluggish U.S. data helps Federal Reserve keep easy money policies, which weighs on the U.S. dollar and extends some support to GBP/USD. Elsewhere, the upticks in the pair were further supported by the reports suggesting that the U.K. reopened businesses and further eased a four-month COVID-19 lockdown.