- Dollar loses ground as Biden approaches the White House.
- GBP / USD remains sideways, around 1.3000.
The GBP / USD is trading in the 1.3000 area, after falling until after the start of the American session to 1.2950. The pair is in negative territory for the day but remains sideways. The dollar fell after Joe Biden’s electoral expectations improved.
The US elections remain the focus of attention. The rise in the stock markets accompanied the narrowing of the difference between Trump and Biden in key states. In fact, the Democratic candidate reversed the trend in Michigan and Wisconsin.
In Wall Street, the Dow Jones has just accelerated to the upside and climbs 1.80% possibly with the expectation that a clear result will be known in the next few hours. This appetite for risk supported the pound, but not enough to move GBP / USD into positive territory.
In a broader perspective, the GBP / USD is moving sideways with a slight bullish bias supported by the 100-day moving average, which is passing 1.2890. In turn, the rises are still contained first by 1.3070 and then 1.3150: a confirmation on the latter would leave the pound ready to extend the rises.
Credits: Forex Street
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