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Report: GBP Trading at Attractive Levels

M. Ali 14 September, 2020 11:03 pm Economic Report, Forex Market, Market Update

A recent report by Goldman Sachs suggested that the market is over reacting to concerns over a Brexit without a trade deal, noting that the British Pound (GBP) is currently trading at attractive levels.

“For investors willing to look through some near-term volatility, current levels for sterling longs now look attractive, in our view,” the report stated, describing the odds for a no-deal Brexit as meaningfully lower than anticipated by the market.

Today, the GBP is trading higher against the US Dollar (USD), with the GBP/USD up by 0.47% for the day at 1.2856, moving in a range between 1.2777 and 1.2919 after closing last week at 1.2796 and opening Monday at 1.2812.

Support Levels: 1.2753 – 1.2709 – 1.2653

Resistance Levels: 1.2853 – 1.2909 – 1.2953

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