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Hot forecast for GBP/USD on 12/24/2020

If you believe the rumors, but for now everything is limited only to them, then it seems that London and Brussels have agreed on a trade deal. The only thing that is known for sure is that the negotiations continued throughout the night. Various sources close to the talks claim that all issues are fully agreed. So a press conference by Boris Johnson and Ursula von der Leyen is expected today, where they must confirm these rumors. And this news is overwhelmingly positive. So it is not surprising that the pound is rising. Of course, not so impressive, but still we are still talking about rumors, not facts. Most likely, we will see the main movement immediately after the press conference, when the agreement is finally officially announced. Of course, there is still the question of its approval by the parliaments of Great Britain and the countries of the European Union. However, there shouldn't be any difficulties here.


At the same time, it is worth taking note of the fact that the market completely ignored macroeconomic reports. But US statistics turned out to be significantly better than forecasts. To begin with, durable goods orders rose 0.9%, not 0.6% as expected. In addition, the number of initial applications for unemployment benefits, which was supposed to grow from 892,000 to 905,000, fell to 803,000. The number of repeated applications decreased from 5,507,000 to 5,337,000. According to forecasts, it should have shrunk to 5,490,000. So the labor market continues to recover, which, of course, we can not help but rejoice. So, the pound showed an upward trend when these reports were released. It was at this time that the negotiations seemed to be close to completion and they would last all night. The expectation of a successful resolution of this protracted issue was the reason for the complete disregard of macroeconomic statistics.


The GBPUSD pair showed high activity on Wednesday, where the quote managed to locally jump above the 1.3560 mark. The speculative hype is off the charts, traders are working exclusively on Brexit expectations, turning a blind eye to many technical instruments, such as it being overbought.

Market dynamics are showing activity over 200 points, which is almost twice the average.

Based on the quote's current location, it is clear that traders are still holding long positions, concentrated within the previous day's high.

Considering the trading chart in general terms, the daily period, it is worth highlighting the upward trend, where the corrective move is considered complete.

We can assume that speculators will continue to work on the flow of Brexit information, where, depending on the incoming news, impulsive jumps can appear in the market.

From the point of view of complex indicator analysis, one can see that technical instruments unanimously signal a buy due to a rapid upward movement.


The material has been provided by InstaForex Company -