By the beginning of the European trading session, the GBP / USD pair was able to gain more than 0.35% due to the decrease in pressure from the dollar. But prospects for further growth remain limited due to the weakness of the British currency.
The market maintains high expectations that at the meeting in February the Bank of England may take measures to ease monetary policy due to the difficult economic situation. Further growth of the GBP / USD pair only strengthens these expectations.
Today, the dynamics of the movement of the currency pair will be determined by the dollar. The US is expected to publish important macroeconomic data, which could significantly affect the short-term dynamics of the dollar. Also today will be a meeting of the ECB and a press conference by Christine Lagarde.
Bullish signals continue to dominate the chart. The currency pair continues to storm the 1.3700 level and has a very good chance of breaking this mark.
· Resistance levels: 1.3700, 1.3800, 1.3900;
· Support levels: 1.3600, 1.3510, 1.3465.
The main scenario is growth above 1.3700.
An alternative option is to decline from the current levels.
The current fundamental outlook is neutral. It is already very dangerous to buy at current levels, and it is too early to sell. We are waiting for a pullback to the 1.3600 area to buy the currency pair.