- The US dollar retreats late on Friday as market sentiment recovers.
- The pound is expected to end the week higher against the US dollar and above 1.3400.
- Charts continue to show weakness for GBP / USD.
The pair GBP/USD it rose during the American session and recovered from 1.3406 to the 1.3470 area, cutting losses. The recovery brought the weekly result back to positive territory.
Again, the pound found support at the 1.3400 area which has become a critical level. A break to the downside could trigger further losses, exposing the November low at 1.3351. The recovery faced resistance around 1.3500 / 10. The bearish bias will likely remain intact as long as it is below 1.3600.
Thanksgiving Day
Economic data to be released next week includes global PMIs. It will be the preliminary reading for November. Also to be released GDP data in Germany and the US “The Thanksgiving holiday in the United States means a short week with the data flow concentrated on Wednesday. The highlight may be the Minutes from the FOMC meeting on November 3, when the Federal Reserve announced the start of QE tapering, ”explained ING analysts.
Also market participants await news of the next Fed chairman. President Biden is ready to announce a new term for Powell or Brainard as his replacement. In the UK, Brexit concerns are on the rise and are likely to continue to make headlines next week.
Technical levels
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