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Will we see another bounce off the 20 SMA?

GBP/USD Retraces to the 20 SMA Again

Posted Wednesday, November 18, 2020 by
Skerdian Meta • 1 min read

The GBP/USD has been quite bullish this month, having come back up from 1.29. Moving averages were doing a good job of support on the H1 chart previously, and after the pullback lower to 1.31 last week, they turned into support once again. The 20 SMA did a good job yesterday, and it is holding again today, so there’s an opportunity to go long here, specially after Haldane’s comments.


Comments by BOE chief economist, Andy Haldane

  • UK economy surpassed expectations in Q3
  • Economic prospects for Q4 are very uncertain
  • Economic activity very likely to be below levels at the start of the year
  • Economic prospects next year are perhaps materially brighter than a few weeks ago
  • The potential macro-economic benefits of easing the zero lower bound constraint appears to be significant
  • However, the costs require thorough exploration
  • Full speech
He provided a caveat by saying that whatever he might have said about easing the zero lower bound i.e. negative rates, was just part of a discussion and it bears no implications for short-term policy decision-making. But at least it’s good to know where he stands.
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