GBP/USD rises towards 1.3700 as the US dollar retraces from 9-month highs. The rise in COVID-19 cases has dampened the speculation of Fed tapering this year. Despite the mixed UK PMI data, the Pound remained stronger. The US dollar bulls found no respite despite a rise in the 10-yr bonds yields. The GBP/USD forecast is bullish as the pair has seen a swift rise towards the key level of 1.3700 amid a broader correction in the US dollar. Since the beginning of the New York session, the GBP/USD has continued to steadily gain, hitting new highs within the near 1.3700 level. –Are you interested to learn more about low spread forex brokers? Check our detailed guide- On Monday, the GBP/USD pair saw some movement as short positions were closed on the first day of a new week of trading, and it halted its recent decline to monthly highs. In the latest session, the US dollar continued its downward trend after reaching its highest level since November 2020, causing the main rate to rise well. The recent spike in Delta-variant Coronavirus cases has led investors to lower their expectations regarding the Fed’s plan to reduce bond purchases. Another factor undermining the safe dollar was the generally positive tone in the equity markets. Get FREE Forex Signals Now! The GBP/USD pair reacted cautiously to mixed UK PMI data for August as dollar momentum was the only driving force. Manufacturing PMI fell in August to a five-month low of 60.1. Additionally, the service index fell to a half-year low of 55.5 in the month under review. While the 10-yr US Treasury bond yield rose sharply during the trading session, this did not impress the US dollar bulls and did not dampen the intraday move in the GBP/USD pair. The US manufacturing and services PMI, which is expected to be released later in the North American session, will provide some short-term trading opportunities. –Are you interested to learn more about forex signals? Check our detailed guide- GBP/USD price technical forecast: 1.3700 to be a decisive point GBP/USD 4-hour chart forecast The 4-hour chart of the GBP/USD pair shows a sign of bullishness. First, the price strongly moved above the 20-period SMA on the chart with an average volume. Second, the price is ranging near the 1.3700 area. Capturing the key level is important for the pair, while the descending trend channel’s resistance can limit the gains. So, the bulls have to take out 1.3700 level ahead of 50-period SMA at 1.3730. A sustained rally will call for a bullish reversal. However, we may see a retracement towards the 20-period SMA where buyers can emerge again. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CAD Price Plunges to 1.27 amid Weak USD & Oil Rise, Awaits PMIs Saqib Iqbal 1 year GBP/USD rises towards 1.3700 as the US dollar retraces from 9-month highs. The rise in COVID-19 cases has dampened the speculation of Fed tapering this year. Despite the mixed UK PMI data, the Pound remained stronger. The US dollar bulls found no respite despite a rise in the 10-yr bonds yields. The GBP/USD forecast is bullish as the pair has seen a swift rise towards the key level of 1.3700 amid a broader correction in the US dollar. Since the beginning of the New York session, the GBP/USD has continued to steadily gain, hitting new highs within the near 1.3700… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.