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GBP/USD Video 30.11.20.


British Pound Tries To Gain Ground Against U.S. Dollar At The Beginning Of The Week

GBP/USD is trying to get back above 1.3350 while the U.S. dollar is testing yearly lows against a broad basket of currencies.

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The U.S. Dollar Index  managed to get below the support at 91.75 and is trying to develop additional downside momentum. The U.S. Dollar Index has not visited this area since April 2018. The next material support level for the U.S. Dollar Index is located at 91.00. If the U.S. Dollar Index moves towards this level, GBP/USD will get additional support.

Today, foreign exchange market traders will wait for additional news on the Brexit front.  Brexit negotiations continue, and traders will likely get some updates throughout the day. In recent trading sessions, Brexit uncertainty put some pressure on the pound but the market remains optimistic about the deal. Positive news on the Brexit front will likely push GBP/USD towards the resistance at 1.3400.

In addition to Brexit news, GBP/USD traders will also pay attention to U.S. Pending Home Sales report which will be released today. Pending Homes Sales are projected to grow by 1% month-over-month in October after falling by 2.2% in September.

Technical Analysis

GBP/USD did not manage to settle below the support at 1.3300 and is currently trying to settle above 1.3350. If this attempt is successful, GBP/USD will head towards the nearest resistance level at 1.3400.

This resistance level has already been tested several times and proved its strength. If GBP/USD manages to settle above this resistance level, it will gain upside momentum and head towards the next resistance at September highs at 1.3485. A move above 1.3485 will open the way to the test of the resistance at 1.3515.

On the support side, the nearest support level for GBP/USD is located at 1.3325. In case GBP/USD declines below this level, it will head towards the next support which has emerged at 1.3300. A move below the support at 1.3300 will push GBP/USD towards the next support level near the 20 EMA at 1.3270.

For a look at all of today’s economic events, check out our economic calendar.

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