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USD strength and Brexit woes weighed on the Cable – GBP/USD Market Outlook – 20/08/2020


The Pound fell victim of US Dollar’s strength triggered by the FOMC minutes yesterday, as the pair dropped more than 150 pips breaking below the medium-term trend line. Additionally, Reuters’ poll suggested that the UK’s economy will not fully recover from its current historic downturn for at least two years, which further weighed on the Cable. Meanwhile, talks between the UK and the EU about their future trade relationship seem stalled, as the Union rejected UK truckers wide-ranging access to Europe. Looking forward, the Sterling will likely continue the sell-off today as the bears will be targeting the 1.30 first and possibly 1.2950.

Support: 1.30/ 1.2950
Resistance: 1.3130 / 1.3160

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/usd-strength-and-brexit-woes-weighed-on-the-cable-gbp-usd-market-outlook-20-08-2020
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