Forex traders all over the world are eyeing closely safe haven and the Relief package announced by Joe Biden. The value of GBP/USD is in spotlight right now. All the economists are hopeful that Joe Biden will manage to handle this stimulus successfully. All the counter currencies of USD are enjoying a rise in their worth excuse of the weakness of USD. GBP is definitely no exception. The smooth flow of economic transaction in US is likely to influence the value of GBP/USD. This smooth and flawless power transition has forced the traders to make their money flow towards the counter currencies of USD. GBP will also benefit from this scenario.
Shuffling around 1.37:
The changing scenario of US has dragged the pair of GBPUSD to move around the value of 1.37 for quite some time. Finally this air has managed to make its way through the point of resistance at 1.37. If it continues to move further then it may cross even 1.38. It may travel higher if optimism extends further. It is likely evident from the daily reading two hour charts of this pair. Right now, you can trust and invest in GBPUSD. Traders are now more interested in riskier assets instead of safe haven. GBP is Undoubtedly worth your capital.
Expected Friday Announcements and the value of GBP/USD:
Friday is about to affect the value of GBP/USD. US Government will announce some significant economic data on Friday. Consumer Confidence Report and Retail sales Report will expose economic stability. Obviously it will likely going to affect GBP/USD. Let’s see what tomorrow reveals. But today, GBPUSD is pretty much trustworthy as compared to safe haven. The current scenario has led the investors to shift their attention towards stocks as compared to safe haven. It proves that time changes and so does the Forex market. Well that’s one of the appealing features of it.