GBP/USD retreats toward 1.3950 as USD rebounds

GBP/USD pauses the previous session’s gain on Friday within the Asian session.
US dollar rebounds toward 92.00 after hitting a one-month low.
The sterling gains on the hope that the BOE might be less dovish further thanks to a gentle decline in coronavirus infections.
After testing a one-month high within the overnight session, GBP/USD pares a part of its gains within the Asian trading session on Friday. The pair seems to be exhaustive near the 1.4000 mark but remained elevated.

At the time of writing, GBP/USD is trading at 1.3955 down 0.04% for the day.

The US Dollar Index (DXY), which tracks the greenback performance against its six major rivals, trades below gains some traction within the Asian trading hour, after it hit a 1 month low within the previous session.

The downbeat US data and therefore the dovish Fed took a toll on the USD valuation. The US Gross Domestic Product (GDP) increased at 6.5% in Q1, well below the market consensus of 8.5%.

US Fed Chair Jerome Powell said on Thursday that the work market still had “ some ground to hide before it might be time to speak about tapering.

On the opposite hand, the sterling gains ground after the reports surfaced that UK scaped quarantine status for fully vaccinated EU and US visitors.

Meantime, the EU pauses action against the united kingdom over the Northern Ireland (NI) protocol.

As for now, investors await the US Personal Spending and Income data, and private Consumption Expenditure Index (PCE) to require fresh trading impetus.

GBP/USD additional levels
GBP/USD
OVERVIEW
Today last price 1.3955
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.3959

TRENDS
Daily SMA20 1.381
Daily SMA50 1.3952
Daily SMA100 1.3924
Daily SMA200 1.3731

LEVELS
Previous Daily High 1.3982
Previous Daily Low 1.3898
Previous Weekly High 1.3787
Previous Weekly Low 1.3572
Previous Monthly High 1.4249
Previous Monthly Low 1.3787
Daily Fibonacci 38.2% 1.395
Daily Fibonacci 61.8% 1.393
Daily Pivot Point S1 1.3911
Daily Pivot Point S2 1.3863
Daily Pivot Point S3 1.3827
Daily Pivot Point R1 1.3994
Daily Pivot Point R2 1.403
Daily Pivot Point R3 1.4078

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