The GBPUSD pair continued gaining positive traction through the early European session and touched a three-week high level that the 29 December GBPUSD Fundamental Analysis reveals.
29 December, OctaFX – The year 2017 could go out with a whimper this Friday, as a dearth of economic data keeps investors on the sidelines. It has been a relatively quiet week for the financial markets amid the holidays. This will likely continue in the final session of the week as market participants hold out until after the new year.
In currencies, the US dollar declined sharply against a basket of competitors on Thursday. The US dollar index (DXY), which tracks the performance of the greenback against a basket of six peers, fell 0.4% to 92.60. With the decline, the greenback is down 0.7% over the past two sessions.
29 December GBPUSD Fundamental Analysis
The pound sterling extended its rally on Thursday, as the cable traded above 1.3450. The pound is now on the offensive with the US dollar falling to four-week lows. The next major resistance is located at the psychological 1.3500 level. On the opposite side of the ledger, immediate support is located in the 1.3400 region.
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