The US Dollar Index continues its tear higher as bulls push past 94.000. As a result, GBPUSD swing shorts have become active for traders.
The first hurdle for Dollar bulls was resistance near 94.100. Bulls were able to push and close bullish above this level on the daily time frame. This move allows for traders to continue Dollar longs to the next target of 94.750 which was the high made back exactly two years ago.
The Dollar is set to be bullish for at least the next month, and this has opened up the possibility of long-term shorts for GBPUSD. Bears were easily able to clear this previous year’s low and is now en route to 2020’s support near 1.32550.
A strong Dollar also implies that commodities and cryptos would also suffer against the Dollar to a certain extent. Gold and Bitcoin prices are sure to face more losses in the coming weeks.
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