- GBP is benefiting from rising risk sentiment in the markets on optimism that US President Joe Biden will push his $1.9 trillion stimulus program through Congress.
- GBP/USD struggles to meaningfully move above resistance at 1.37.
- Should it break1.37the next resistance level is above the 1.38.
GBP/USD STRUGGLES AT 1.37
GBP/USD has made several attempts to break through resistance 1.37.A general rise in risk sentiment in the markets could help the pair on a sustained break higher, bringing 1.38 into focus.
A seemingly smooth transition of power in the US from the Trump administration to the Biden administration and optimism surrounding a $1.9 trillion stimulus package which looks as though it could pass through Congress as more Republicans decide to work with him.
As a result, safe-haven outflows have dragged on the US Dollar.