GBP/USD still enjoys Brexit deal but for how long?

GBP/USD still enjoys Brexit deal but for how long?

2021-01-12 • Updated

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

XAU/USD: Gold is trading above the 23.6% retracement area. Bullish trend remains weak.

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US Market View

US stocks are seen opening higher Tuesday, rebounding from the previous session’s losses with investors looking for additional fiscal stimulus amid continued political turmoil. The United States lost more than 22 000 lives to Covid-19 last week, a second straight weekly record. The overall death toll is now 375 000. The current surge, and the associated economic damage, prompted President-elect Joe Biden to promise further economic stimulus “in the trillions of dollars” late last week. More details are expected to follow in a formal announcement on Thursday, something that is supporting markets at their current elevated level.

USA Key Point

  • Gold gains 1% on the day as buyers keep a defense of key support level
  • German chancellor Merkel expects lockdown to last until early April
  • The GBP is the strongest and the USD is the weakest
  • European equities pare gains as sentiment stays rather mixed on the session

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The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.

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