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Christopher Lewis
GBP/USD

The British pound went back and forth during the trading session on Tuesday to test the 1.30 level, an area that of course is a large, round, psychologically significant figure. This of course makes quite a bit of sense as a magnet for price, because quite frankly a lot of people are going to be jumping in and out of the market with large orders at these figures. Beyond all of that, we have already seen it proven itself at this level as being important as we have seen both support and resistance. Now that we are back at this level, one would assume the buyer should come back in sooner or later.

GBP/USD Video 28.10.20

The biggest problem of course is the fact that the US elections are coming in a week, and of course the Brexit situation can still cause a lot of noise as well. Nonetheless, it does look like we are supported underneath so it is probably only a matter of time before buyers come in for one reason or the other. There should be a “zone of support” between the 50 day EMA and the 200 day EMA, but you should also be aware the fact that all it is going to take is more stupidity coming out of the Brexit situation to cause massive problems for the British pound.

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A lot of traders out there are banking on a ton of stimulus coming out of the United States, which although that may eventually be the case, we are now more than likely going to see that early next year, not in the short term.

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

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