Analysis Market overview

GBPUSD overview 16.12.2020

Sterling rises on Brexit hopes.

Sterling under bullish pressure today after EU’s chief executive said on there had been progress in Brexit negotiations and the next few days would be critical. Ursula von der Leyen said negotiators had moved forward on the most contentious element – guarantees of fair competition for companies. Previously tweets from a BBC political reporter stated that Conservative party members think Britain is heading towards a deal with the EU – which supported GBPUSD. The other side of the pair – US dollar is on the defensive amid the continued risk-on sentiment due to the quick rollout of the mass vaccination programme across Europe, UK and USA.

Expect buyers on downward corrections.

Next resistance to watch – 1.3570

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