GBPUSD extended its gains for the fifth consecutive day

Mohammed Abdelkhalik
February 10, 2021

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Updated on [lmt-site-modified-info]

GBPUSD Outlook – 10th February 2021

GBPUSD continued to achieve gains in the morning of trading on Wednesday in the European market, and recorded the fifth consecutive daily rising and its highest level in nearly three years, this comes with the US dollar continuing its decline against most of the major currencies, and also supports the pound Sterling accelerates the implementation of the Coronavirus vaccination program in Britain.

GBPUSD traded at $ 1.3835, the highest since April 2018, adding 0.15% gains, from today’s opening session at $ 1.3816, in the fifth consecutive daily increase in the longest series of daily gains this year.

GBP/USD chart on 10th February 2021

During the past weeks, the pound sterling showed some strength in light of market optimism about the acceleration of the pace of vaccinations against the Corona virus, while the trade agreement to leave Britain from the European Union removed some pressure from the currency.

Analysts say that the bulls have opened new positions since the beginning of the year based on their optimistic view of the trade agreement between the European Union and Britain, and hopes for a rapid recovery of the British economy have increased with the acceleration of the Coronavirus vaccination program.

GBPUSD rose within the USD decline

The US dollar witnessed a decline against many global currencies, to record its fourth consecutive daily loss and its lowest level in two weeks, in light of the slowdown in demand to buy the US currency as the best safe and alternative investment with the increasing risks surrounding the market.

The dollar index lost 0.1% today, to trade at 90.32 points, the lowest in two weeks.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.