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Christopher Lewis

The British pound has gone back and forth during the course of the day on Friday, dancing around the 1.3350 level. The market has been very noisy based upon the latest headlines coming out of Brexit, and that will continue to be a major issue. Ultimately, this is a market that is very bullish, and I think that short-term pullbacks will offer opportunities for people to pick up value. The 50 day EMA underneath is close to the 1.31 handle, an area that was previous resistance. I would love to see the British pound pulled back to that area in order to pick it up, because quite frankly it seems like no matter what happens, traders are willing to step in and pick it up.

GBP/USD Video 30.11.20

The one caveat would be if it is obvious that we are going to have a “no deal Brexit”, the way politicians have been behaving and dragging their heels for several years now, it is obvious that neither side is ready to do that. Because of this, markets are banking on at least an 80% chance of a solution being met. This does not mean that it is going to be great for the United Kingdom, but at the very least the market needs to see some type of certainty. Certainty is good for currency, and therefore I believe that once we finally get that solution and resolution, markets will make some type of move. To the downside, it is not until we break down below the 200 day EMA that I would be concerned from a longer-term standpoint. If we break above the 1.35 handle, the market goes much higher perhaps reaching towards the 1.3750 level.

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