The beginning of 2021 is about to witness a smooth trail of Gains of GBP. January seems to be a relaxing and soothing month for GBP traders. All its counter-currencies are losing their charm because of the growing attraction of GBP.
GBP/USD, smooth trail of gains:
The Brexit deal of trade with the EU and the positive news of the effectiveness of the Vaccine against the virus are adding smoothness to the flow of GBP. The weakening Dollar also seems to bolster an extended upward trend of GBP. Jobless claims of USA in the last week of 2020 hint less economic activities. As a result, the traders are no attracted towards the safe-haven. Instead they prefer to invest in the counter-currencies of safe-haven. The current trading trend is bullish. Thus this fall of USD is benefiting GBP and supporting a smooth trail of gains and profit. No doubt it can be treated as a golden period for Pound. The current scenario is not highlighting a rising Dollar in a near term. Definitely it means that GBP will spike up further in the near term.
The pair seems to further fly high. Recently the pair is enjoying constant rise in its value. Apparently this smooth trail of gains in trading seems to further extend for this pair. There is no rocky halt in the near term for this pair of GBP/JPY as well. Its value is already crossing the highest value of December (141.21). if the trend further prevails then it may cross the highest value of September (142.71). The aggregate number of net long traders is 50%. This number is lesser than yesterday but greater than the number of the last week. In such a scenario, even a newbie can predict a series of gains for GBP. Thus the journey of profit awaits GBP in the near term.