The dollar traded near multi-month highs against most major currencies on Friday, supported by a wave of optimism over improving U.S. economic data, the rollout of coronavirus vaccines, and rising Treasury yields.
The euro rebounded slightly ahead of data on German business sentiment due later in the day, but the outlook for the common European currency has soured because of renewed coronavirus lockdowns and the slow pace of vaccinations across the European Union.
The greenback has more room to rise against the euro, but its gains against other currencies in the past few weeks have been so rapid that some analysts are warning against chasing the dollar higher from current levels.
Overall the GBPUSD remains in a bear trend. As for today the market is triggering a reversing turn and calls for retracements to attack 1.3800 and 1.3870 resistance levels as a minor correction. Closes over 1.3800 and 1.3830 shall keep the market up for another week time.
Resistance 2 1.3795
Resistance 1 1.3753
Support 1 1.3710
Support 2 1.3670