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Brexit uncertainty kept the Pound within the same range – GBP/USD Market Outlook – 20/10/2020


Positive Brexit headlines earlier yesterday pushed the pound to the 1.3010/20 resistance area but the strong upside momentum quickly faded after the UK shut the door in the face of Michel Barnier’s efforts to restart talks citing a lack of fundamental change in approach from Brussels. Moving on, a light calendar ahead of the US session will keep GBP/USD traders focused on Brexit and COVID-19 news. Technically speaking, the 1.3010/20 may keep restricting short-term upside moves, however, the bulls are likely to try pushing higher today with the RSI is pointing up suggesting strong buy interest but if GBP/USD slips below the 200-period MA we may retest support around the 1.2890.

Support: 1.2865/ 1.2820
Resistance: 1.30/ 1.3070

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/brexit-uncertainty-kept-the-pound-within-the-same-range-gbp-usd-market-outlook-20-10-2020
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