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GBP / USD is supported by the transition to the Biden administration

-Trump administration’s green light on White House handover fuels GBP’s appetite
-1.3346 is 61.8% Fibo from the drop from Monday (1.3396-1.3265)
-1.3265 was affected after much better than expected U.S. PMIs
-The previous rise was helped by news of the AZ vaccine and hopes for an EU-UK deal
-Biden is expected to nominate Janet Yellen as finance minister
– The trend in GBP / USD is starting to lose momentum after falling yesterday
-Closing below the previous peak of 1.3322 may cause a deeper correction
– Potential turning point – 1.3250
– So far the bullish trend is in force, but the retracement risk is increasing: 23.6% 1.2854-1.3396 to 1.3268, 38.2% – 1.3189 and the key 50% – 1.3125
-The main resistance and the bulls are poisoned to 1.3481 and 1.3516, the peaks of September and December
Bank of America Global Research is discussing the prospectus for the pound amid new developments with the trade deal: “Brexit has penetrated and left the market in the last month as the US election and news of the vaccine took its light. No deal has been reached yet, although the British government says the ultimate goal is in sight. Whether this is just a political move or true optimism does not matter, because the EU does not support such claims. Nevertheless, the insatiable appetite to buy sterling is definitely not over, so we can say that no news is bad when it comes to GBP. “
-“We believe that the market has long positioned the deal and it is believed that there is about an 80% chance that it will be achieved. This remains our main scenario, although we believe that the market also takes into account the possibility of no deal. In case there is a deal, we forecast the following target levels: GBP / USD: $ 1.35; EUR / GBP: 0.88; and without transaction: GBP / USD: $ 1.10; EUR / GBP: 0.95. “


 Junior Trader Kameliya Ivanova

Varchev Absolute Trader

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