The GBP/USD exchange rate rose to the highest level since Wednesday 17 as the US dollar continued retreating.
It rose to a high of 1.2150 on Monday, which was significantly higher than this year’s low of 1.0360.The GBP/USD price continued its rebound as the US dollar retreated. The closely watched US dollar index, which formed a triple-top pattern in September, October, and November, dropped from the year-to-date high of $114.6 to $105.57.
The next key economic data to watch will be the upcoming CFTC COT report, which will come out on Monday. This report shows the positioning of the most important players in the forex market.
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