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Andrew Bailey’s comments support GBP / USD

GBP / USD is trading up by 0.3% today thanks to easing pressure from the US dollar (dollar index -0.1%) and encouraging comments from the head of the Bank of England, Bailey.

 

Andrew Bailey stated today that the second wave of coronavirus will not have such a strong negative impact as in the spring. Economic uncertainty will intensify, but the economic slowdown will be less significant. Certain sectors of the economy still need support.

 

Bailey also expressed hope for a trade agreement between the UK and the EU, as both sides need it.

 

There is no important news in the UK economic calendar today.

 

On the chart, buyers have broken through the resistance at 1.2925. This maneuver opens the way for further growth of quotations towards the level of 1.2990.

 

  • Resistance levels: 1.2990, 1.3050, 1.3150;

 

  • Support levels: 1.2905, 1.2845, 1.2800.

 

The main scenario - a rollback to 1.2905 and an increase to 1.2990.

 

An alternative option - a rise to 1.2990 from the current levels.

 

The current fundamental outlook is moderately positive. We consider longs from the level of 1.2905.

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