Sterling falls on pandemic aid package.
Sterling continues to decline as the markets are welcoming the fact that Trump has passed pandemic aid package – after long and tedious negotiations in US Congress. Trump signed into law the $2.3 trillion pandemic aid and spending package – restoring unemployment benefits to millions of Americans and preventing a federal government shutdown. The Brexit deal reached last Thursday does not cover financial sector of UK – EU has made no decision yet on whether to grant Britain access to its financial market – which means , that the deal would not prevent economic pain and disruption for the United Kingdom or for EU member states in the near-term – which is adding to the year-end sterling long-covering – which is dragging GBPUSD down.
Expect sellers on upward corrections.
Next support to watch – 1.3347
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