GBP/USD Pair at a Critical Level

Looking at the chart, this pair is at a critical level for the pound at 1.30000. The previous attempt to start bullish again was at a Fibonacci level of 61.8%, and that was where the pullback ended, and the pound went down again. For now, we have a lower high, and we are monitoring the situation, whether it will continue down or decline from 1.30000 at a Fibonacci level of 38.2%.
Important influences on this currency pair are Brexit, Covid-19, the financial package, and America’s elections.
The Brexit deadline for agreeing in Great Britain and the European Union is nearing its end, and there is less and less time, and there is no concrete draft agreement. It all comes down to individual political statements that only bring unrest to the market.
Covid-19, the number of newly infected cases is only increasing, is currently slightly below the maximum due to new measures introduced. Still, if this continues, it threatens to lock up most of the UK until the situation calms down and slowly returns to normal.
The financial incentive package for the recovery of the economy from the influence of Covid-19 will, as things stand, wait for the new president. Trump fails to push him into Congress before the election. The Democratic Party and their representatives sabotage him. Covid cases are growing faster in colder parts of the country. In the last two days, the number of newly infected has dropped from 84,000 to 59,000.
An influx of post-debate opinion polls is likely early in the week. While national surveys grab the headlines, what counts is battleground states. Polls from Pennsylvania – the closest of the northern states that Trump won narrowly in 2016 are of high importance. Florida, the perennial swing state, is also critical as it sends a large number of electors, is highly contested, and counts early votes ahead of election day. If Biden wins Florida, the race is all but over. However, if Trump carries his new home state, the race is considerably closer.