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Dollar hit with sell-off across the board

Major currencies have been moving in positive territory against the US currency during the European trading session. The strongest gains are seen in sterling (+0.94%). The loonie, the aussie and the euro are being used to buy into the UK currency.

The key factors driving strength in cable are dollar weakness and upbeat market sentiment due to the lifting of restrictions in the UK last week. In the upshot, the GBPUSD pair rose to 1.3969 (+159 pips). Although the euro was under pressure, it also managed to gain 105 pips, rallying to 1.2048. Sterling shows a 1% deviation from the midline with a period of the 55 (LB).

Technical analysis also contributed to the sharp rise in the GPBUSD pair. On the daily timeframe, after breaking out of the trendline, the pair formed a double top pattern. The pair reached interim resistance, after which the path to 1.4150 opens for buyers. The euro came off its intraday high of 1.2048 to 1.2018. The single currency is under pressure from the cross pair, so the pullback is faster than for sterling.

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