The American pharmaceutical giant Pfizer and the German BioNTech have announced that their vaccine candidate for COVID-19 has been shown to be 90% effective in preventing infections. Stock markets have risen in response to the news and the safe-haven US dollar has weakened.
The GBP / USD is moving higher, trading near the 1.32 level. The UK has pre-ordered around 40 million doses of the vaccine, and about 10 million units are expected to arrive in Britain by the end of the year. Another outstanding project comes from the University of Oxford and AstraZeneca.
GBP / USD faces resistance at 1.32, followed by 1.3240 Y 1.3310. The support is at 1.3145, 1.3095 and 1.3060.
Credits: Forex Street
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.