GBP/USD to gather stronger downside momentum below 1.3670 – OCBC “The GBP/USD pair range is narrowing to the 1.3700 to 1.3800 zone, potentially signaling a breakout. We expect it to be on the downside, especially as the USD remains on the ascendant and technicals are still more supportive of a downward move.” “Breach of 1.3670 needed for stronger downside momentum.” EUR/USD to resume its falls as Europe braces for further pain from the virus. The round 1.17 level provided support earlier this week and remains critical support. It is followed by 1.1630, 1.16 and 1.1550, all dating back to the autumn of last year. The dollar remained strong in early European trading Thursday, near multi-month highs amid expectations of strong U.S. economic growth, helped by more fiscal stimulus and an accelerating vaccine rollout. The dollar index was up 0.1% at 93.312, having hit a five-month high of 93.472 earlier. USD/JPY rose 0.1% to 110.78, having risen to as high as 110.97, its highest level in a year. The ADP report on Wednesday showed U.S. private payrolls increased by 517,000 jobs last month, a precursor to Friday’s official employment report which is expected to show another increase of around 650,000 payrolls in March.