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A new strain of COVID-19 is 70% more transmissible, raises the reproduction rate by between 0.4 and 0.7, and is “out of control” according to UK Health Secretary Matt Hancock. The VIU-202012/01 variant is probably not more dangerous nor vaccine-resistant.
Brexit: The EU and the UK continued trying to negotiate a trade deal also over the weekend and in the latest reports, significant differences remain, especially on fisheries. A potential EU concession on the sensitive topic has angered the sector. Brexit deliberations missed a Sunday deadline set by the European parliament.
US Stimulus: Senate Majority Leader Mitch McConnell announced that Democrats and Republicans reached a deal worth $900 billion, the second-largest in history after March’s CARES act. The deal includes checks to all Americans, unemployment benefits, and aid to small businesses.
A breakthrough became possible after Senator Pat Toomey retreated from demands to curb lending powers of the Federal Reserve. The news is keeping US stock futures afloat despite concerns about the new string. A final vote is due later in the day. Gold has surged above $1,900 in response.
Oil prices have dropped amid concern of falling demand with WTI Crude Oil dropping under $48.
GBP/USD gained strong downside momentum and is trying to settle below 1.3350.
GBP/USD managed to get below the 20 EMA at 1.3380 and is trying to settle below 1.3350. In case this attempt is successful, GBP/USD will head towards the next support level near 1.3320.
A move below 1.3320 will push GBP/USD towards the support at 1.3300. If GBP/USD declines below 1.3300, it will get to the test of the next support level at the 20 EMA at 1.3280. A successful test of this level will open the way to the test of the next support at 1.3250.
On the upside, the nearest resistance level for GBP/USD is located at the 20 EMA at 1.3380. If GBP/USD manages to settle above the 20 EMA, it will head towards the next resistance at 1.3400.
A successful test of this level will push GBP/USD towards the resistance at 1.3440. In case GBP/USD settles above 1.3440, it will move towards the next resistance level at 1.3485.
In the H4 chart, after breaking 8/8 and leaving the “overbought area”, EURUSD is expected to continue falling towards 6/8; this movement may be considered as a correction within the uptrend. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue trading upwards to reach +1/8.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that the XAU/USD pair has finally taken out the key $1900 level, which was the confluence of the Pivot Point one-day R3 and Bollinger Band four-hour Upper.
The buyers now target the $1907 barrier, where the SMA100 one-day coincides with the Pivot Point one-month R1.
The next resistance awaits at the Pivot Point one-week R1 of $1912. Acceptance above the latter could open doorways to heaven.
On the flip side, a breach of the $1900 support could put the $1896 cushion at risk. That level is the previous week high.
Minor support is seen at $1892, which is the convergence of the Bollinger Band one-day Upper and 15-minutes Lower.
Bears will then eye a sustained move below $1888, the intersection of the Fibonacci 61.8% one-month and Pivot Point one-day R1, to accelerate the downward pressure.
Further south, the next relevant support is aligned at $1883, which is the Fibonacci 38.2% one-day.
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