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GBPUSD overview 12.11.2020

12 November 2020 Amega

Sterling falls on fears for pandemic impact on UK economy.

GBPUSD under bearish pressure today as the result of the strongly bearish Sterling sentiment as slower-than-expected domestic economic growth in September raises concerns about the recovery from the coronavirus-driven recession in United Kingdom. Official data showed Britain’s economy grew by a slower-than-expected rate in September from August even before the latest COVID-19 restrictions on businesses – this increases the possibility that the next numbers will come even worse – adding to the bearish Sterling sentiment which is already damaged by the on-going difficulties in reaching the conclusive Brexit deal with the European Union.
Expect sellers on upward corrections.

Next support to watch – 1,3080

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