The status of the UK's current economy is not in good shape. Although there has been some positive data recently such as better than expected Retail Sales and a decrease in the unemployment rate, we are still in the midst of a Covid 19 recession. Recent GDP data was released at a horrific -20.4%. Furthermore, for the first time since 1963, total government debt has exceeded the entire GDP. So now national debt is worth more than the entire economy of the UK. This should be driving a weak sterling in the week ahead.
The last weekly candle has closed very bearish. The last daily candle broke below a daily level a turned it into a daily resistance once again. Price is currently very bearish on the 4H and seems like it will break below the key level. If key level is broken, I'm expecting a move down to daily support at 130.85
The last weekly candle has closed very bearish. The last daily candle broke below a daily level a turned it into a daily resistance once again. Price is currently very bearish on the 4H and seems like it will break below the key level. If key level is broken, I'm expecting a move down to daily support at 130.85