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There’s seldom a single opinion among different analysts. However, this time the views on the prospects of the British pound versus the US dollar are mostly the same. We have read the news and put this all together for your.
JP Morgan thinks that GBP/USD has settled above 1.30. If this support holds, the pair will aim to 1.3280/90. In this area, there’s a significant resistance, says JPM.
Analysts at Lloyds Bank point out that Britain has released some positive economic figures so far, so GBP/USD will likely stay between 1.3050 and 1.3285 in the near term. The bank is cautious about the further upside: to be sure that the pair is able to retest 1.3385 and 1.3515, it has to break above 1.3285. Otherwise, it will risk sliding to 1.2800-1.2700.
Technical analysis provided by Commerzbank offers the same resistance level: 1.3285. The initial resistance is at 1.3175 (minor downtrend). On the downside, a decline below 1.2908 will open the way down to 1.2690 (200-day MA).
Analysts at Thomson Reuters claim that GBP/USD can rise as high as to 1.50 if foreign demand for UK stocks grows this year. British stocks used to underperform, but things may change after Boris Johnson’s victory in the recent election. BNY Mellon, however, reminds that the GBP will still be exposed to big risks related to the UK-EU negotiations this year.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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