GBPUSD consolidated in the range 1.3450 – 1.3690 for many days after Brexit. However, GBPUSD is trying to break the 1.3690-1.3700 zone after the 1st day of Mr. Biden as US President and Mrs. Yellen as US Treasury Secretary.
USD is being sold off because Mrs. Biden and Mrs. Yellen are calling for a bigger US stimulus package which is negative for USD.
If GBPUSD breaks the 1.3690-1.3700 zone successfully, GBP will go to 1.3930-1.3950.
The 1.3690-1.3700 is an important zone to watch for GBP trend this week.