- GBP / USD fails to sustain the bounce above 1.3100.
- Dollar in negative territory in the market but recovers moment in the American session.
GBP / USD is trading without a clear direction on Friday. It recently climbed to 1.3123, but only to quickly retreat below 1.3100 towards the area of the day’s lows. The 1.3050 area is shown as the key short-term support.
Dollar weakness prevented GBP / USD from falling on Friday. The banknote fell back in the European session due to a rise in the stock markets, but in the last hour it recovered something for now, cutting losses in the market.
The pound continues to move in step with expectations for the Brexi. He is on track to end the week on the positive, fueled by renewed hopes for a deal. The United Kingdom and the European Union are reported to have made some progress on competition guarantees, including state aid rules. However, fishing remains a key stumbling block. British Prime Minister Boris Johnson has insisted on regaining control of its waters, while the EU wants access to water.
Apart from this, the imposition of new blocking measures, to stop the second wave of coronavirus infections in the United Kingdom, is also playing against the pound.
The PMI data in the UK, like that of the Eurozone, showed mixed data; the standout was UK retail sales for September. In the US, the PMI for services rose more than expected in October to 56, while manufacturing stood at 53.3.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
