- Pound among top performer across the board on Thursday.
- GBP/USD rises sharply, remains in recent range.
The GBP/USD printed a fresh two-day high during the American session at 1.4195 and then pulled back to 1.4180. It is rising more than 60 pips, after making a strong rebound from the weekly lows it reached on Asian hours below 1.4100.
The move higher took place even as the US Dollar strengthened, on the back of higher US yields. Economic data from the US and US President Biden plans to raise spending are boosting market sentiment, keeping the dollar limited.
While the US dollar moves with mixed results, the pound is sharply higher. Comments from Bank of England’s Vlieghe trigger a rally. As GBP/USD ayes 1.4200, EUR/GPB is trading below 0.8600, at four-day lows.
From a technical perspective, the bias in GBP/USD continues to point to the upside, but it needs a daily close clear above 1.4200 to open the doors more gains. The mentioned area continues to limit the upside. On the flip side, the key support is seen around 1.4100 and a close below would likely favor a decline toward the 20-day moving average at 1.4060.