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GBPUSD overview 12.11.2020

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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