As it became known from media reports, the head of the Bank of England Andrew Bailey said on Tuesday that the bank will continue to buy bonds this year, despite the fact that "inflation will remain below the target of 2%". Nevertheless, the pound, unlike, for example, the euro, looks more stable. The success of the vaccination campaign in the UK allows to count on an early easing of quarantine restrictions and a faster recovery of the British economy.
GBP / USD continues to trade within the upward channels on the daily and weekly charts, generally maintaining long-term positive dynamics (see "Fundamental Analysis and Market Expectations")
Taking into account the long-term upward dynamics of the pair, it is logical to place buy orders in current zone with stops below the support level 1.3790.
Support levels: 1.3790, 1.3565, 1.3460, 1.3330, 1.3210
Resistance levels: 1.3859, 1.3911, 1.3970, 1.4006, 1.4100, 1.4240, 1.4350, 1.4440, 1.4580, 1.4830
Trading recommendations
Sell Stop 1.3780. Stop-Loss 1.3920. Take-Profit 1.3790, 1.3600, 1.3565, 1.3460, 1.3330, 1.3210
Buy by-market, Buy Stop 1.3865. Stop-Loss 1.3780. Take-Profit 1.3911, 1.3970, 1.4006, 1.4100, 1.4240, 1.4350, 1.4440, 1.4580, 1.4830
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**) GBPUSD: Current Fundamental Analysis and Market Expectations
