GBPUSD waiting for Resistance Breakout
GBPUSD has broken the bottom level of the Descending channel recently.
After the breakout, the market has re-tested the broken level and starts to bounce up with buyers pressure.
Let’s wait for the confirmation of breakout at 1.35 resistance level.
If 1.35 price level breaks, we can expect the next destination target as 1.42 resistance level.
Let’s wait for the GBPUSD to break the strong resistance zone 1.35
Brexit deal going to complete soon
UK pound rises as Brexit talks hopes and deal could be completed soon in this month.
The UK retail sales come in positive numbers shows economy recovery at a slow pace. Eurozone mostly affected by the second wave and need to more measures to recover from the pandemic.
If next week Brexit deal is done then Demand of Pound will get increase and if the negative result comes, Pound will tumble to lower.
US Economy in recession
After the Great recession of 1929 depression, Now the US in a great recession period. Trump administration have trade wars, good infrastructure and less paid for an unemployed individual at $300 per month from $600 per month. Tax cuts for corporates and fewer tax cuts for individuals, these policies remain under Trump’s term.
Biden administration policies are opposite of Trump’s view, High tax for corporate and only 0.4% for individuals, $600 per month for unemployed persons, $2 trillion spending for infrastructure, and progress for green fuels.
Anyhow stimulus package only released if Trump gets out from his seat on Jan 2021. Biden already said Trump delaying package will kill more covid-19 patients as much.
US treasury Mnuchin says $455 billion allocated to the treasury of FED will respond for this current time. This creates a rift between the US government and central bank.
Central bank disagrees with Mnuchin statement last week.
Next stage of stimulus talks between Congress and Democrats has started.
US economy is in recession and still, it’s in confusing stage for the investors.
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