GBP is supported by Brexit talks and inflation
Christophe Chevalier November 18, 2020 7:12 AM
The British pound is gaining ground, boosted by news of progress in the Brexit trade talks.
The British pound is gaining ground, boosted by news of progress in the Brexit trade talks. Also, U.K. October CPI was released at +0.7% on year, above +0.5% expected. Core CPI also stood expectations at +1.5%, vs +1.3% anticipated.
From a technical point of view, on a daily chart, GBP/USD is challenging the upper boundary of a bullish channel and stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 1.2865. The nearest resistance would be set at September top at 1.3480 and a second one would be set at previous overlap at 1.3710 in extension.
Source: TradingView, GAIN Capital
Disclaimer: StoneX Financial Ltd (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.