Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced up from the key level of 1.31.
Yesterday, pharmaceutical company Moderna reported that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.
Also, it was reported yesterday that UK’s chief negotiator for Brexit David Frost told Prime Minister Boris Johnson to expect a trade deal early next week.
Bank of England Governor Bailey will be speaking later at 2200 (SGT). During this time, there may be volatility in GBP.
Currently, GBP/USD is testing the resistance zone of 1.32200 and the next support zone is at 1.30400.
Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.32200.
Yesterday, pharmaceutical company Moderna reported that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.
Also, it was reported yesterday that UK’s chief negotiator for Brexit David Frost told Prime Minister Boris Johnson to expect a trade deal early next week.
Bank of England Governor Bailey will be speaking later at 2200 (SGT). During this time, there may be volatility in GBP.
Currently, GBP/USD is testing the resistance zone of 1.32200 and the next support zone is at 1.30400.
Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.32200.