Friday, November 20, 2020

GBP / USD Still Not Knowing to Fall, Prices Will Test Barriers of 1.33000

 The 'tug-of-war' situation in the Brexit talks still keeps investors alert and does not put high hopes for a deal to be reached.

This week, several reports regarding Brexit have graced the market with fluctuating price movements for the Pound Sterling currency witnessed.

In the latest development, the negotiations were reportedly forced to stop because one of the European Union (EU) negotiators was announced positive for Covid-19.

Instead, investors can see that the price on the GBP / USD currency pair chart has made a fall to the 1.32000 support level.

However, prices are seen again showing an initial increase so that the end of the New York session after the latest report stating the agreement between the UK and EU will be announced next week.

The positive Brexit sentiment has supported the price increase to the level of 1.32800 with about 80 pips of increase to the resistance zone.

Continuing on today's Asian session trading (Friday), prices moved slowly around the support level of the Moving Average 50 (MA50) on the frame of the 1 hour price frame while investors await clearer movement signals in the European session.

The bull run will test the 1.33000 resistance zone before the advance continues for the price to record its latest 10 week high profile.

If the resistance zone still fails to be penetrated, the price might return to the original decline to the support level 1.32000 or lower.