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GBP / USD is trying to gain a foothold above 1.30

The GBP / USD pair is recovering today after the previous decline to the level of 1.29. Buyers were able to raise the price above 1.30, but further growth is unlikely. GBP remains highly vulnerable amid a worsening epidemiological situation in the UK and continued uncertainty ahead of Brexit.

 

Trade negotiations are continuing in London these days. So far in the media there is information about any progress in the negotiations.

 

The epidemiological situation in the UK has deteriorated significantly in recent days. The country has the highest death rate from COVID-19 in the EU. In total, more than 45 thousand people have already died from the pandemic in the country. The highest level of danger has been introduced in Nottingham. Other regions of the country are also preparing to tighten quarantine measures. Obviously, the position of the UK economy before Brexit will worsen even more.

 

On the chart, follow the price reaction to the 1.3000 level. If a false breakout is formed, which is confirmed after a decline below 1.2970, we can expect the development of a new bearish wave and at least a retest of the level of 1.1920, as the maximum falls to 1.2845.

 

  • Resistance levels: 1.3000, 1.3065, 1.3110;

 

  • Support levels: 1.2970, 1.2920, 1.2845.

 

The main scenario - a decline below 1.2970 and a retest at 1.3000 with a fall to 1.2920.

 

An alternative option - a consolidation above 1.2970 and further recovery to 1.3065.

 

The current fundamental outlook is moderately negative. We consider shorts from 1.3000 after falling below 1.2970.

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