GBP/USD: Sterling Clings To Brexit Hopes, But COVID May Lock It To The Downside

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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