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Pound Is Rising Against Euro and Dollar

Pound Is Rising Against Euro and Dollar

Updated

After GBP/USD hit the lowest level since December 2020, it has reversed up and gained some strength. It has managed to break above the psychological mark of 1.3500. A short pullback to 1.3500 may happen after such as strong breakout. However, the rally should last for longer. The doors to the high of September 29 at 1.3550 are open. The breakout above it will push the pair up to the psychological mark of 1.3600. Support levels are at the recent lows of 1.3450 and 1.3415.

The US dollar was strengthening amid rising energy prices, expectations of the soon Fed’s tapering, causing a risk-off mood in markets. However, the US dollar has lost steam and allowed risk-on currencies like the pound sterling to advance.

The UK has revealed Final Manufacturing PMI, which came out better than expected: 57.1 vs the forecast of 56.3. Besides, US jobless claims came out worse than expected. All eyes are now on US ISM Manufacturing PMI at 17:00 GMT+3, which can change the track for the GBP/USD pair. A better-than-expected US PMI may press GBP/USD down, while worse – up.

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