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In the current financial turmoil, the British pound doesn’t look like the currency of choice. At least, not versus the US dollar or the Japanese yen.
GBP/USD retraced more than 78.6% Fibonacci of the 2019 advance. Last week was the worst for the pair since the Brexit referendum. Despite the fact that the pair is oversold in the short-term, the market’s demand for the greenback remains strong. The GBP, on the other hand, is vulnerable because of Brexit and Britain’s large current account deficit. Finally, the UK is affected by the coronavirus outbreak. The advance above 1.2300 is needed for a correction to 1.2550.
SELL 1.2185; TP 1.2055; SL 1.2210
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.
Jump in to get the technical analysis of GBP/JPY and GBP/USD!
How to trade the gold price while it's oscillating between 1 837 and 1 864? Read the article, and you'll know how!
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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