GBP/USD Technical Analysis: Rebound Higher Needs Momentum

GBPUSD Technical Analysis: Rebound Higher Needs Momentum

has reported less than 100,000 cases of the new coronavirus, the first time it has been below this limit in nearly a week. About 98,515 new cases were recorded, down from a Christmas Eve peak above 122,000. The UK government's virus dashboard said the numbers were affected by the Christmas holidays, with data for Scotland, Northern Ireland and Wales incomplete.

The recent gains for the GBP/USD pair gave weight to the views of technical analysts at Credit Suisse and BofA Global Research who were recently suggesting that the pound's six-month depreciation against the dollar may also be nearing an at least temporary end. Credit Suisse is looking for a trading range to develop as sterling price consolidates between recent lows and estimated highs around 1.

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