Breaking: GBP/USD tops 1.40, highest in 34 months

GBP/USD has been extending its gains and has surpassed the round 1.40 level. The move is primarily driven by the descent of the dollar, which is suffering profit-taking after advancing with yields earlier in the week. News about President Joe Biden's stimulus plan is awaited.

is shrugging off weak UK retail sales figures. Expenditure dropped by 8.2% in Britain in January. Markit's Purchasing Managers' Indexes are awaited. Investors are eagerly awaiting Prime Minister Boris Johnson's announcement about easing restrictions.

The high so far has been 1.4005 before cable dipped back down. Pound/dollar is trending higher in the past few weeks. It last traded at these level back in April 2018

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