GBP/USD (current price: 1.2420)
The Pound followed international trends throughout the session. There were no important economic releases coming out from the U.K., while Brexit related speculation no longer weighed heavily on the currency. Cable finished the week on a bullish note after the slightly protectionist inauguration speech of Donald Trump on Friday, and the Pound is trading higher this morning as well. The pair is still in a long-term consolidation pattern despite testing the 1.20 level last week.
Our assessment: GBP/USD broke out of a declining short-term trend last week. Strong support is found near the 1.23 level while resistance is ahead at 1.25.
