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The dollar index reached its highest level in a recent year and expecting impressive news from the US GDP index

The dollar index has reached its highest level in the current year, and the reaction to this level will be significant. The UK Gross Domestic Product (GDP) indices were released today, showing annual growth of 23.6% and seasonal growth of 5.5%, which was better than expected. However, due to the increase in demand for the USD in the foreign exchange market, the impact of this news was limited, and the price of the GBPUSD is still moving in a mid-term downward trend. The US Q/Q GDP Index will also be released today, which is projected to grow by 6.6%. The release of this index and its difference from the predicted number can affect the demand trend for USD.

Technically, the price has broken the support level of 1.3450 and returned to the downtrend after a short pullback. Therefore, the first possibility will be the continuation of the downtrend in the mid-term.