GBPUSD Analysis
GBPUSD is moving up and down between the resistance and support zone.
Now, GBPUSD has broken the resistance zone with buyers pressure in the 30 minutes time frame chart.
The Pfizer/BioNTech vaccine has been granted emergency authorisation by British regulators.
The first doses are expected to be rolled out from early next week. This brings a piece of big positive news for the UK economy.
Brexit deal is improving the UK Economy
Brexit deal should be made in a few days as optimism given by the UK and Irish Prime ministers. But French PM said, if anything difficult for French fishermen in British waters, then no deal could be made.
German Chancellor also told Brexit deal will be favourable for European union only, and not for more discounts in a deal with the UK. The pound is still ranging market between 1.33-1.34 levels.
The UK- EU Brexit talks perform well as told by UK education secretary in an interview last day. Negotiations are smoother than expected and the UK will get a right deal if Brexit deal is made. If not made, it may cause some concern between two countries EU and UK. Still talks pending on Fisheries and level playing field, If EU and UK agree made a smoother agreement on those issues, then deal will be positive for Both countries.
US Dollar Falling
Stimulus bill of $980 billion to pass by Dec 11 deadline, but still, debate progress for the process of 1.4 trillion dollars for the economy. This creates a US dollar weakness in the coming days. Domestic data also not attractive for US dollar support.
US dollar shows weakness as Yesterday ADP reports miss estimates of 404k as 303k real reading. Today initial jobless claims much waited and tomorrow employment report is going to release, If these two reports show more weakness, then the US dollar becomes weaker in coming days.
US dollar declines as Covid-19 vaccine from UK side approved for the commercial distribution from yesterday.
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