FX MARKET REPORT 17.11.2020

FX MARKET REPORT 17.11.2020

FX MARKET REPORT 17.11.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 17.11.2020
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FX MARKET REPORT 17.11.2020

GBP/USD prints three-day winning streak despite easing off-late, trading at 1.3220. The pound could fall as much as 5% against the US dollar if the UK and European Union (EU) fail to reach a Brexit trade deal, the latest Bloomberg survey of nine strategists revealed on Tuesday. A two-week-old support line, currently near 1.3160, restricts the short-term downside of GBP/USD ahead of 1.3080/75 rest-area. Meanwhile, bullish MACD and sustained trading above 1.3100 favour buyers targeting to refresh the monthly top near 1.3315. EUR/USD keeps targeting the 1.1920 level. EUR popped to a high of 1.1868, upward momentum is beginning to improve and the bias for today is tilted to the upside. A move above 1.1880 would not be surprising but the major resistance at 1.1920 is unlikely to come under threat. All in, only a break of 1.1820 (minor support at 1.1840) would indicate the current mild upward pressure has eased. The dollar edged lower in early European trade Tuesday, as the surge in Covid-19 cases in the U.S. prompted more restrictions and as worries about a smooth transfer of presidential power mount. The Dollar Index was down 0.1% at 92.532. USD/JPY fell less than 0.1% to 104.54, while the risk sensitive AUD/USD fell 0.1% to 0.7313.

GBP/USD prints three-day winning streak despite easing off-late, trading at 1.3220. The pound could fall as much as 5% against the US dollar if the UK and European Union (EU) fail to reach a Brexit trade deal, the latest Bloomberg survey of nine strategists revealed on Tuesday. A two-week-old support line, currently near 1.3160, restricts…

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