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GBP/USD Keep Gains Near Weeks High

Adel 21 July, 2020 4:47 pm Forex Market, Market Update

The GBP/USD rose for the third straight session on Tuesday as the USD continued to sell on the optimism about Covid-19 vaccine and the European Recovery Fund agreement, which weakens the US dollar as a safe haven.

GBP/USD jumped to more than 1.2700 levels, six-week highs, but then retreated somewhat. The pair gained in the absence of news or drivers in the market and selling bias around the dollar was the main driver.

The rise in the number of Covid-19 cases in the United States has raised concerns about the economic recovery and expected it to take longer than expected, leaving the US dollar on the defensive.

The price of the US dollar remain in control as long as there is no economic data driving the market.

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