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The fate of the British pound is very uncertain because of the Brexit question. So far, Prime Minister Boris Johnson remains determined to take the UK out of the European Union no matter what, although there are reports that he may soften his stance. The technical setup for GBP/USD allows expecting a rebound. Last week the pair tested the long-term lows in the 1.1960 area but then recovered forming a candlestick with a long lower wick on the W1. A similar situation happened at the end of 2018 and was followed by a significant recovery. To get to higher levels this time, GBP/USD will have to rise above 1.2400. The first target will be at 1.25 (near the declining 100-day MA). A bigger relief will open the way up to 1.2700.
As for the downside, GBP/USD has recently found support at 1.2285 (50-day MA, late August highs). In the alternative scenario, the decline below this level will bring the pair down to 1.21.
Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
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US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19
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