FX MARKET REPORT 20.10.2020

FX MARKET REPORT 20.10.2020

FX MARKET REPORT 20.10.2020

Daily Commentary
FX MARKET REPORT 20.10.2020
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FX MARKET REPORT 20.10.2020

GBP/USD is in a downside consolidation phase in early Europe this Tuesday, hovering around 1.2950 awaiting a fresh update on Brexit for fresh impetus.  The spot rallied as high as 1.3032 on expectations of a Brexit breakthrough ahead of the fresh round of talks between the EU Chief Brexit Negotiator Michel Barnier and his British counterpart David Frost. The spot has confirmed a descending triangle breakout on the hourly chart, opening doors for a rally towards 1.3100. EUR/USD now looks set to test the 50-day simple moving average (SMA) located at 1.1795 after having risen by nearly 0.5% on Monday.  FX Strategists at UOB Group now forecast EUR/USD to navigate within the 1.1690-1.1830 range in the next weeks. The dollar edged higher in early European trade Tuesday, with traders keeping a wary eye on the ongoing political discussions over a potential new U.S. stimulus package. The Dollar Index was up less than 0.1% at 93.445. USD/JPY was up 0.1% at 105.53.

GBP/USD is in a downside consolidation phase in early Europe this Tuesday, hovering around 1.2950 awaiting a fresh update on Brexit for fresh impetus.  The spot rallied as high as 1.3032 on expectations of a Brexit breakthrough ahead of the fresh round of talks between the EU Chief Brexit Negotiator Michel Barnier and his British…

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