Thursday, October 29, 2020 7:04 AM EST
Election fever overshadows the all-important release of third-quarter Gross Domestic Product data in the US. Economists expect a surge of over 30% annualized, paring most of the collapse seen in the second quarter.
Overall, the recent recovery may be short-lived.
GBP/USD Technical Analysis
(Click on image to enlarge)

Bears remain in control after cable tumbled below the uptrend support line on Wednesday. Moreover, the currency pair failed to recapture the 50 Simple Moving Average on the four-hour chart and momentum remains to the downside.
The round 1.30 level remains a battleground. IT is followed by Wednesday’s swing low of 1.2920, followed by 1.2860.
Resistance is at the daily high of 1.3020, followed by 1.3060 and 1.3080, recent swing highs.
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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader's level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch's authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.
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