GBP / CHF strong resistance to 1.18500

The pair has not been able to stay above 1.18500 for the last month and move further up. Too much pressure on the pound, first Brexit where nothing has been resolved yet, and the time is getting shorter until December 31st. COVID-19, where the number of newly infected is increasing day by day. Fear of the coronavirus weighed investor sentiment and increased demand for a haven in the Swiss franc CHF. New coronavirus cases are growing at an alarming rate in the United States and Europe and could force governments to impose new restrictions.
Investors remain concerned that re-locking measures to curb the second wave of COVID-19 infections could prove detrimental to the already fragile global economic recovery, which has been pushing for investor sentiment.
Despite the resumption of negotiations between Britain and the EU on Brexit and reporting on the progress made in several areas, the stalemate over the future approach of the EU fishing fleet to UK waters has diminished the prospects for an immediate breakthrough. On the chart, the pair is consolidating around MA 9.20.50. We can expect some major shifts soon.

GBP / JPI Chance to fall below 135,000

Fear of global closure, linking newly infected coronaviruses, and unresolved Brexit has lowered the pair from 136.00 to the current 135,150. New cases of coronavirus are growing at an alarming rate in the UK and Europe and could help governments impose new restrictions. Investors seem worried that renewed lockdown measures to curb the second wave of COVID-19 infections could prove detrimental for the already fragile global economy.
There is no important news for the pound today; the only thing possible is Brexit’s political statement. Looking at the chart, it was made to break the rising trend lines. Above, we have two lower highs, just waiting for us to continue the decline. The first support is at 135,100 if the next is only down at 134,200.

GBP / USD resistance at 1.31500

Looking at the chart, when we adjust the Fibonacci ones, we will see that the withdrawal bounced exactly to the Fibonacci level of 61.8% at 1.31770 and went down. From below, the first strong support is at 1.29800. If it continues below, we look at the previous low of 1.29100. The UK reported almost 23,000 new confirmed cases and 367 deaths on Tuesday – the latter being the highest level since the end of May. Although the northwest of England is the hardest-hit area, infections are growing across the country. However, the situation is rapidly deteriorating, and the fact that France and Germany are devising similar measures could tip the scales.
Tensions are rising towards the US election. More than 70 million Americans – more than half of the total number of votes counted last time – have already voted with the remaining six days. President Donald Trump is still lagging behind rival Joe Biden, but he seems to have progressed in Florida. Markets are worried about the disputed elections, and they are also worried that the divided Congress will not pass a significant stimulus. New research at the national, state, and Senate levels will be closely monitored and could change the market later in the day.