GBPUSD MAINTAINED UPWARD MOVEMENT!
While the upward momentum in the parity, which was positive throughout the week in general terms, due to the sterling assets, it is observed that the prices failed to close above the 1.3855 level. While the UK economy contracted by 1.6% in the first quarter of 2021, we see that the February industrial and manufacturing production data came above expectations. On the other hand, it is seen that positive drowsiness increased in the new week with the relaxation of the restrictions imposed on COVID-19 in the UK.
If we look at the US side, while the data released on a weekly basis triggered some concerns, the fact that inflation was above expectations increased this uneasiness. Towards the last trading day of the week, weekly unemployment pension applications in the USA fell far below expectations with 576 thousand people, while retail sales exceeded expectations with 9.8% in March. In addition, industrial production in the USA increased by 1.4% compared to the previous month in the positive zone. While the New York Empire State Manufacturing Index in April met the expectations with 26.30, the Philadelphia Fed Manufacturing Index entered a slight loss of momentum with 50.2 compared to the previous month. Following these developments, Sterling's assets continue to maintain its lucrative appearance among the G10 currencies, with the weak image of the dollar side.
In the technical picture of the pair, with the continuation of the bullish scenario above 1.3770 level, the rises can enter into speed gain within the framework of 1.3855 and 1.3940 resistance levels. Especially with 1.4020 resistance, we can see that an important target point in the parity has been exceeded. However, in a possible trial below 1.3770 level, 1.37 and 1.3616 supports remain important critical thresholds.