European shares fell on Monday as rising COVID-19 infection rates in Europe prompted renewed lockdown measures in some countries, casting doubt over the economic recovery, with a lack of U.S. stimulus also weighing on sentiment.
GBP/USD: 'Double Bottom' pushed price higher
The last 'Double Bottom' pattern pushed the price higher. The main intraday target is the closest resistance area at 1.2695 - 1.2725. If a pullback from these levels happens next, there'll be a moment for another decline in the direction of the next support at 1.2634 - 1.2588.
There's a local 'V-Bottom' pattern, which has been formed between the Moving Averages. Thus, the pair is likely going to test the nearest resistance at 1.2718 - 1.2732 in the coming hours. Meanwhile, if we have a pullback from this area, bears will probably try to test another support at 1.2588.
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
US stock markets tumbled at the opening on Thursday as the Federal Reserve's warnings about a slow recovery from the pandemic.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.