Breaking: GBP/USD soars above 1.37, hits highest since 2018

GBP/USD has jumped above 1.37, The British pound has been benefiting from Britain's rapid vaccination campaign and also from a gradual decrease in COV  |  20/01/2021 10:45

GBP/USD has jumped above 1.37, hitting a new 2021 peak at 1.3711 at the time of writing. Cable has surpassed its previous peak of 1.3711 and trades at the highest since 2018.

The Relative Strength Index on the four-hour chart is still below 70, thus outside overbought conditions and allowing for more gains. 

The British pound has been benefiting from Britain's rapid vaccination campaign and also from a gradual decrease in COVID-19 cases. 

On the other side of the pond, the safe-haven US dollar has been under pressure amid optimism related to the incoming administration's vast stimulus plans. Joe Biden is scheduled to be inaugurated as President at 17:00 GMT. Treasury Secretary nominee Janet Yellen emphasized the need for more government support and hinted that tax hikes are not imminent. 

Talks between the EU and the UK around the future of the services sector after Brexit are on the backburner. 

GBP/USD Price Forecast 2021: Cable braces for calendar comeback amid three exits

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