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GBPUSD overview 10.11.2020

Sterling rises on Brexit and vaccine hopes.

Sterling rose strongly today on hopes Britain could reach Brexit trade agreement with the European Union by the end of the year following the comments by Prime Minister Boris Johnson that Britain and the EU have made progress in talks about a trade agreement and a deal can be done. Pound sentiment is also improved by the growing understanding that the soon start of mass vaccination will put the British economy back on track (after Pfizer and BioNTech announced a promising coronavirus vaccine on Monday) – given the large services sector in UK. The same understanding undermines the dollar bulls which previously used USD as the safe-haven outlet – driving the pair up on investors existing dollar longs.

Expect buyers on downward corrections.

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