(DAILY NOTION) GBP/USD - Set to be Remain Volatile, Next Mover: Brexit Negotiation

Traders will focus on the UK economic data today as the unemployment rate is expected to grow from 4.8% in September to 5.1% in October due to the negative impact of the second wave of the virus. Meanwhile, the Claimant Count Change report is projected to show that the number of people claiming for unemployment benefits increased by 30,000 in November.

Traders will also continue to follow the Brexit updates. The Pound will be likely continue to remain volatile as it is not clear that EU and UK made any progress in the negotiation.

The GBP/USD stuck at the range of 1.3300 and 1.3400.

The GBP/USD is currently trying to settle above the 20 EMA at 1.3325. In this case the GBP/USD will head towards the next resistance level at 1.3400 if this attempt is successful. A move above this level will push GBP/USD towards the resistance at 1.3440.

Other than that, a move below the 20 EMA will push GBP/USD towards the next support level at 1.3300. If the GBP/USD move below the support level at 1.3300, it will fall and reach the support level at 1.3270.

FOLLOWME Overall Sentiment (As of 4:50 p.m.)

As shown above, the overall sentiment of FOLLOWME traders in this symbol leans towards long position with a ratio of 56.22% while the rest of 43.78% is short position.