GBP/USD: Monthly base looking Correction downside towards support 1.3340$ and 1.3000$

Government has announced National Lockdown.
Scotland will have parliamentary elections May 6 and continues to seek a second referendum.
Daily base new cases exceeded 57,000

M.Ali Zah All My Pips

The GBP/USD pair attempted to hit 3 years high Resistance 1.3700, however, The quote failed to consolidate above 1.3700 and instead returned to the level 1.3560 after the government has announced National Lockdown.

As a result, the outlook for the pound turned gloomy, but the general upward trend remains but limited. Price Looking Short term correction towards supports levels 1.3200 and 1.2890 and 1.2600 Monthly base Charts Before Going new higher high 1.4000 Resistance price facing Many Uncertanoity coming months.

1- Brexit DEAL.
2-Scotland will have parliamentary elections May 6.
3- Scotland continues to seek a second referendum.

UK VS EU Vs Scotland

SNP members will try to increase their influence in the parliament, using Brexit as a theme in their election campaign. Sturgeon has repeatedly stated that Scotland intends to return to the European Union "as an independent nation."
However, London will not allow this to happen, especially since according to the UK, Scotland has already decided on this issue, which is to remain as its member state. Boris Johnson made it clear that the central government will not go to meet Edinburgh, even though the SNP , led by Sturgeon, continues to seek a second referendum.

COVID-19 And New Virus

Another problem for GBP/USD is the persistent rise of COVID-19 infections even amid the ongoing vaccination process in the UK. On January 2, new cases exceeded 57,000. The government has announced 4 Jan 2021 another National Lockdown for 40 days. VERY STRONG UNDER PRESSURE POUNG BUT depend on $ how weak or strong.

SUPPORT/RESISTANCE
✅S1= 1.3240
✅S2=1.3025
✴️R1=1.3680
✴️R2=1.3875

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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