USD Looking Bullish Against GBP And JPY

BOE left rates unchanged but highlighted an improvement in conditions. But cable did not gain much anyhow; it rather stoped at 1.4 resistance that seems very strong, most-likely also because of concerns regarding the supply of the vaccine.

From an EW perspective, a bearish triangle is still a very interesting option, but would need 1.3840 support broken to confirm wave C) down.

So as long that level holds, just keep in mind that 1.4050/1.41 can be retested if maybe wave B) is still underway with A-B-C rise as shown on the second count. In both cases, however, we will expect a resumption lower.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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