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Christopher Lewis
GBP/USD

The British pound has initially tried to rally during the trading session on Thursday but gave back the gains above the 1.30 level is that area continues to be crucial. That being the case, the market is likely to see a lot of noise around that level every time we get there. Ultimately, this comes down to whether or not the market is going to be more “risk on” or “risk off.” At this point, we also have to worry about a whole slew of problems and the United Kingdom at the same time.

GBP/USD Video 30.10.20

It appears that the United Kingdom may have to slow its economy down, if not market down. We also have the Brexit situation, which is not getting any better, so that is something to pay attention to. Furthermore, the US dollar is perhaps strengthening due to the fact that there is a lot of fear out there and of course the possibility that we may be looking at a lack of stimulus for months, which of course has an effect on the greenback itself.

All things being equal, there is a lot of noise out there that could come into play and therefore have people looking for safety, so it is probably easier for this pair to fall then it is to rise, at least in the short term. That being said, there is a ton of support underneath between here and the 200 day EMA, so I am not looking for some type of meltdown, rather I am looking for a grind lower before we get some type of candle that we can turn around and start looking for buying opportunities.

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

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