GBPUSD Under pressure
The British pound is coming under pressure against the US dollar currency, following news that the UK economy is about to go into a new COVID-19 lockdown this week. GBPUSD sellers may now target the 1.2700, and possibly the 1.2500 level ahead of tomorrow’s US election. Traders that are bullish towards the GBPUSD may have to wait until the 1.2500 level before the pair stages a meaningful recovery
If the GBPUSD pair trades above the 1.2900 level, key resistance is found at the 1.3000 and 1.3060 levels.
The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2700 and 1.2500 levels.