Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound (GBP) on the above daily GBP/USD MT 4 price chart, the bears seem to be in control.
This key Forex market is trading below the fifty (50) day simple moving average (SMA) and an upside momentum has seemingly vanished thanks to a risk-off sentiment throughout the global Fore markets.
The British pound is still trading above the one hundred and two hundred (100, 200) day simple moving averages for now, but with the latest coronavirus headlines, the pressure will stay on the British currency.
The global coronavirus pandemic (Covid-19) has taken over the headlines and put the sensitive linked British pound (GBP) on the defensive.
The safe haven dollar is seeing a nice boost thanks to political tensions as well as the Covid-19 virus. The United Kingdom has also announced a new national lockdown. The Eurozone is no better. Germany, France and Austria have all announced new national lockdowns. Spain is under a new nationwide curfew as is Italy.
The United States has also seen a spike in coronavirus infections as they are reporting a record setting 85,000 new cases daily. However, Tuesday’s Election Day is grabbing the global spotlight. This has been a heated, divided race for who will sit in the White House for the next four years. There are also Senate seats being contested for.
The economic calendar, for Monday, is all about monthly manufacturing purchasing managers indices. The United Kingdom and Canada are also releasing their monthly Markit PMI. The Eurozone will release their monthly Markit PMI data.
Daily British Pound Technical Analysis (GBP/USD)
Germany, France, Spain and Italy will also publish their monthly Markit PMIs, as well. The Institute for Supply Management (ISM) will release their monthly manufacturing PMI). Canada is also publishing their monthly manufacturing PMI data.
Looking at price action on the above GBP/USD currency chart there is near term support lining up at 1.2865. The next downside barrier lines up at the round 1.28 number with the 200 day SMA at 1.2705 then coming into focus.
The September low price point at 1.2665 then comes into play.
On the other side of the coin, he key psychological technical resistance level at 1.30 is the first level to watch with 1.3090 then coming into play. The late October high price point at 1.3180 then comes onto the radar.
