The GBP Outperforms its Counterparts

By Mithun Girishan|

Published: November 24 2020, 08:36 GMT+0

The GBP Outperforms its Counterparts

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Out of the USD’s major counterparts, the GBP was the most active yesterday.

The GBP touched the promising level of 1.3400. However, it slipped down below 1.3300 before gaining strength and stabilizing just above 1.3300. This good run is because of reports that the Brexit deal is very close with both sides in almost 95% agreement.

Despite touching both the highest and lowest levels, the EURUSD is now consolidating just under 1.1850. That’s mainly because of the US PMI data release that showed signs of underperformance in EU economics in comparison to the US.

The third-quarter German GDP report is due today. It’s expected to show a contraction of 11.7%. We’ll also be closely watching the Conference Board Consumer Confidence Index.

Chicago Federal Reserve (Fed) President Charles Evans’ statement on the Fed’s willingness to take more measures if the economy deteriorates even further pushed the USD index up by 0.13% and it consolidated at 92.52.

Gold broke its core term support of 1850. Silver dropped to its lowest since November 4, 2020 and consolidated in the 23.56 USD to 23.64 USD range. The current MACD conditions are in favour of the bears.