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.
GBP/USD: technical levels to trade
Information is not investment advice
GBP/USD met resistance at 1.2950 (resistance line connecting the highs of November). The Awesome Oscillator on the D1 is declining. It means that the pound doesn’t have a lot of bullish momentum to keep pushing higher and may form a short-term top. The pair will likely correct to support at 1.2905 (50-period MA on H4). The next level to watch on the downside will be the 100-period MA at 1.2887. The advance above 1.2950 is needed to open the way up to 1.2970 and 1.2985 (November highs). The level of 1.30 will likely the upside for GBP/USD ahead of the December 12 election.
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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Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.