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How to make money in the foreign exchange market today! Trading ideas for traders 03.12.2020: GBPUSD What will happen to the pound?

3 december 2020 - Fx4News

The GBP / USD pair during the trading session on Thursday shows an upward trend and is quoted near the resistance of 1.34. We will remind that earlier investors reacted negatively to the statements of the British official that the negotiations between the UK and the EU within the framework of the transition process on Brexit are again reaching an impasse due to the remaining contradictions. However, later the bulls managed to win back some of their losses. The British currency was supported by reports that the UK authorities have signed a contract with Pfizer to purchase 40 million doses of coronavirus vaccine, of which 10 million will arrive next week. In addition, since yesterday, quarantine measures have been partially canceled in the country, and from this weekend, spectators will be allowed to attend the football league matches in an amount depending on the level of morbidity in the region.




On the side of buyers of the British currency, the weakness of the US dollar, which for the first time in the last 2 years, sank below 91 points, where it continues to be quoted on Thursday. Despite signs on Wednesday that US lawmakers are ready to end months of confrontation over stimulating the pandemic-stricken economy, it is unclear how successful their talks will turn out to be. On Tuesday, a bipartisan group unveiled its $ 908 billion draft stimulus package. On Wednesday, House Speaker Nancy Pelosi and Democratic Senate Minority Leader Chuck Schumer issued a joint statement suggesting that the bipartisan proposal be used as a basis for subsequent negotiations. Meanwhile,

Traders are awaiting the November ISM service sector activity data release today. In addition, statistics on the dynamics of primary and secondary applications for unemployment benefits will be released during the day in the US. If the data disappoints again, the dollar sell-off will continue, which will lead to additional growth in risky assets, including the pound.



GBP / USD BuyLimit 1.3350 TP 1.3510 SL 1.3290

Analytical reviews and comments to them reflect the subjective opinion of the authors and are not a recommendation for trading. Author Artem Deev is a trader analyst at AMarkets . The social network of traders is not responsible for possible losses in case of using the review materials




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