Further bullish advancement pursued towards 1.1730 (Fibonacci Expansion 100% level) which failed to offer sufficient bearish rejection for a few days until Today. Bullish persistence above 1.1730 will probably favor further bullish advancement towards 1.2075 (161% Fibo Expansion Level) in the intermediate-term.

Intermediate-term Technical outlook for the GBP/USD pair remains bullish as long as bullish persistence is maintained above 1.2780 (Depicted KeyLevel) on the H4 Charts. On the other hand, significant bearish rejection was demonstrated around the price level of 1.3160 in the form of (Bearish Engulfing Candlesticks).

Intraday traders should be considering the current breakdown of the depicted short-term uptrend line. A Breakdown below the price level of 1.1650 is going to give a better confirmation for a valid SELL Position. Estimated targets would be located around 1.1550, 1.1500 then 1.1450.

The pound sterling continues to strengthen significantly climbing to a new high level, which allowed it to cross the highest mark in the last five months. The reason for the next impulse of the pound was the intention of the Central Bank of Great Britain to make changes in the base interest rates in the near future.

There was no unidirectional movement in the dollar index on Thursday. Indicator volatility and attempts to slow down at around 93 points were observed. This is quite logical after the dwindling decline in recent sessions.

Over the past few weeks, the pound sterling was appreciated significantly. Although this was largely due to the weakening of the greenback's position, the increased hopes for a positive outcome of the Brexit negotiations also contributed.

Passing the local high leads to an even greater exacerbation of speculative positions in the market. Details are inside the article.

The Asian stock market began the day in a stably on Thursday. The main stock indicators preferred to stay in place and not show general dynamics. US stock market, on the other hand, was marked by steady and rapid growth.

COVID-19 continues to spread in America, despite the huge amount of testing done. The statistics from the US lowered the demand for the dollar again

Today, policymakers of the Bank of England unanimously decided to retain the interest rate at a record low, thus providing support for the pound sterling, which continued strengthening against the US dollar.