GBP Remains Under Pressure

GBP Remains Under Pressure

2020-11-05 • Updated

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Ichimoku Kinko Hyo

AUD/JPY: The pair is trading above the cloud. Further bullish pressure will lead the currency pair to retest the previous highs.

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Fibonacci Levels

 XAU/USD: Gold moves above 61.8% retracement level. It seems that gold bulls the last hours gain control.

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European Market View

Asia equity markets take impetus from the tech-led rally in US as further results of the US election trickled in which shows Biden in the lead. The winner of the US Presidential election has still yet to be declared, although Democrat candidate Biden currently leads in electoral votes. With massive fiscal stimulus likely off the agenda, another wave of near-free liquidity seemed inevitable.

Looking ahead highlights from macroeconomic calendar include, German Industrial Orders, Eurozone Retail Sales, Fed and BoE Rate Decisions, Fed Chair Powell, ECB's Schnabel, de Guindos and Weidmann speeches.

USA Key Point

  • Germany posts record daily coronavirus infections of nearly 20,000 cases.
  • US election count in state of Georgia - Trump may ask for a recount if he loses.
  • Bank of Japan Governor Kuroda says that he will continues to buy ETFs.

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