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COVID-19 risks and USD’s demand offset Brexit optimism – GBP/USD Market Outlook – 24/09/2020

SquaredFinancial

The Cable looks to extend its losses as Coronavirus risks and USD’s demand offset Brexit optimism. Markets witnessed a turnaround yesterday, as buyers returned alongside the renewed optimism on a post-Brexit transition trade deal after the EU Chief Brexit Michel Barnier said, “We remain determined to strike a Brexit deal.” However, the bulls failed to sustain the upside momentum as UK PMIs showed a slower expansion in the business activity. Looking forward, the trend remains bearish and further weakness towards 1.26 is expected today, however the BoE Governor Bailey’s speech and US Jobless Claims could shift the market sentiment in the short-term.

Support: 1.2670 / 1.26
Resistance: 1.2760 / 1.2825

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/covid-19-risks-and-usds-demand-offset-brexit-optimism-gbp-usd-market-outlook-24-09-2020
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