❗ GBPUSD reaches the highest level since April 2018
GBPUSD has been trading in an upward channel since late-September 2020. The pair has looked past recent USD strengthening and continued to gain. A break above the upper limit of the channel occurred yesterday and today the pair is testing 1.40 handle for the first time since April 2020. The 1.40 area is additionally strengthened by the 161.8% exterior retracement of the downward move from August-September 2020. Solid set of February's PMIs from the United Kingdom is boosting sentiment towards the British pound. Manufacturing gauge moved from 54.1 to 54.9 (exp. 53.1) while services index jumped from 39.5 to 49.7 (exp. 42.0). Reading stands in contrast to German and French readings that showed services sector gauge drop more than expected.
GBPUSD tests 1.40 area, boosted by solid PMI release. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
