GBP/USD bullish near a multi-year high

GBP/USD: Poised to refresh yearly top as UK eyes to ease virus-led restrictions

GBP/USD stays bid around 1.3855 during the early Asian session on Monday. In doing so, the cable buyers keep Friday’s upside momentum that refreshed the yearly top while rising towards the 1.3900 threshold.

Although upbeat prints of the UK’s Q4 GDP, 1.0% versus 0.5% forecast, offered strength to the GBP/USD prices late in the last week, the recent upside moves take clues from chatters of easing virus-led lockdowns in Britain.

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GBP/USD Forecast: Bullish potential firmly anchored

The GBP/USD pair closed Friday at 1.3851, a few pips below a multi-year high of 1.3865, on the back of the broad dollar’s weakness and mostly encouraging UK macroeconomic data. The UK published the preliminary estimate of its Q4 Gross Domestic Product, which came in at 1.0%, better than the 0.5% expected. The annual figure printed at -7.8%, improving from -8.7% in the previous country. Industrial Production was up 0.2% MoM in December, missing expectations, although the annual figure came in at -3.3%, better than the -3.8% forecast.

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