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The GBP/USD pair added to its intraday losses and dived to near one-month lows, around the 1.2855 region during the early European session. The pair opened with a modest bearish gap on the first day of a new trading week in reaction to the imposition of second nationwide lockdown in the UK. Given the alarming pace of growth in new COVID-19 cases in the UK, Britain's Prime Minister Boris Johnson on Saturday announced a lockdown across England until December 2. A senior cabinet member said on Sunday that the lockdown could be extended, which, in turn, took its toll on the British pound. EUR/USD has been under pressure amid the increase in European coronavirus cases. EUR/USD has been under pressure amid the increase in European coronavirus cases. EUR/USD faces strong support around 1.1580. The dollar pushed higher in early European trade Monday, with more lockdowns in Europe on the back of the incessant rise in coronavirus cases and the uncertainty surrounding the U.S. election weighing on investor sentiment. Dollar Index was up 0.1% at 94.142, after climbing 1.2% over the last week, its largest weekly percentage rise since late September. USD/JPY rose 0.1% to 104.75, while the risk sensitive AUD/USD fell 0.2% to 0.7011.

GBP/USD has eroded the uptrend at 1.2928 and was last seen trading at 1.2915, down -0.1% on the day. Commerzbank, now signals the next supports at the June high of 1.2814 and the 200-day moving average (DMA) at 1.2706. The pair struggled to capitalize on the previous day's late rebound of around 45 pips from near two-week lows and was seen oscillating in a range through the first half of the trading action on Friday. However, concerns about the economic fallout from the continuous surge in new coronavirus cases continued weighing on investors' sentiment. This was evident from a steep decline in the US equity markets, which extended some support to the greenback's relative safe-haven status. The greenback was further supported by Thursday's stronger US Q3 GDP growth figures. This, in turn, capped the upside for the GBP/USD pair. EUR/USD loses momentum and retests the mid-1.1600s against the backdrop of a persistent inflows into the safe haven universe. The outlook on EUR/USD still remains positive, however, and bearish moves are deemed as corrective only. The positive bias in the euro remains underpinned by auspicious results from domestic fundamentals. At the moment, the pair is losing 0.03% at 1.1669 and faces the next support at 1.1650 (monthly low Oct.29) followed by 1.1612 (monthly low Sep.25) and finally 1.1495 (monthly high Mar.9). The Dollar Index was up less than 0.1% at 93.998, after climbing to a near four-week high during the previous session, largely on the back of the euro’s drop. USD/JPY fell 0.2% to 104.41.

GBP/USD is holding up better than other currency pairs as the cable looks to regain ground above the 1.3000 level.  GBP/USD has eased back to, tested and held the near-term uptrend at 1.2928. While this holds, the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity is the 1.3468 multi-year downtrend and if seen we would expect this to again hold and provoke failure. EUR/USD risks an extra losses below 1.1685 in the next weeks. The second wave of coronavirus is locking the euro to the downside – but traders have little time to consider the implications of the virus as the all-important US elections are set to rock markets. The dollar was down on Thursday morning in Asia, with fears over fresh lockdowns implemented in Europe to curb the incessantly rising number of COVID-19 cases and the prospects for the region’s further economic recovery. The U.S. Dollar Index inched down 0.07% to 93.418. The USD/JPY pair edged up 0.18% to 104.47, after the dollar dropped to its lowest level in more than a month against the safe-haven yen on Wednesday. The Bank of Japan will announce its monetary policy later in the day and is widely expected to avoid changes to the current monetary settings.

GBP/USD looks to extend its downside consolidation phase below 1.3050 into the European open, as the US dollar clings onto the overnight gains amid broad risk-aversion. EUR/USD continues to drop as Eurozone's biggest economies, France and Germany, consider imposing the economically-painful lockdown restrictions to counter the rising coronavirus cases. The pair is currently trading at 1.1778, representing a 0.13% drop on the day, having hit an eight-day low of 1.1769 early Wednesday. The currency pair is trading in the red for the third straight day, having faced rejection near 1.1860 on Monday. France is reportedly considering a one-month lockdown as the second wave of the coronavirus is showing no signs of slowing down. According to Reuters, Eurozone's economic powerhouse Germany also contemplates a measured lockdown as its health care system is close to breaking point. While these measures look less severe than the ones implemented in April/May, they could still harm Eurozone's already fragile economic recovery, resulting in a prolonged period of deflation. All things considered, the pressure on the European Central Bank to deliver more stimulus looks to be rising. As such, markets are offering euros. The sell-off will gather pace if the coronavirus numbers continue to rise. The dollar pushed higher in early European trade Wednesday, with traders turning away from riskier currencies given the current uncertainty surrounding the coronavirus pandemic as the U.S. presidential election draws near. The U.S. Dollar Index was up 0.2% at 93.138, while USD/JPY was down 0.2% at 104.19. Trading ranges are becoming more limited as growing wariness about the U.S. presidential election is starting to limit large currency movements. Polls show Democrat rival Joe Biden has a lead over Republican incumbent President Donald Trump, but many traders are nervous as the same polls failed to predict Trump's victory four years ago. A tight result could lead to legal battles over potential voting irregularities, delaying the outcome of the election and creating more uncertainty, which would likely weigh on the dollar. The former suggests caution due to the rise in the pandemic in Europe and the risk of the U.S. election outcome,” he added, but ”the constructive medium-term outlook and the possibility of missing out (on the rally) suggest that, despite the bumpy ride ahead in coming weeks, periods of risk assets coming under pressure should be one-off and not long-lasting. This means a prolonged USD strengthening trend seems unlikely.

GBP/USD is possibly on the verge of a continuation bullish impulse and the bulls are encouraged by the amount of structure supporting the outlook. Bulls are waiting for bullish conditions to be confirmed. The 1.32 area is compelling on a test of 1.3080. EUR/USD is holding the higher ground around 1.1825 amidst persisting coronavirus concerns. The US dollar’s retreat saves the day for the EUR bulls, at the moment. Downward momentum has improved a tad and the bias for today is tilted to the downside. That said, 1.1770 is a strong support and may not be easy to break (minor support is at 1.1790). Resistance is at 1.1835 followed by 1.1860. The dollar edged lower in early European trade Tuesday, handing back some recent gains, although activity is starting to weaken as the U.S. presidential election draws near. The Dollar Index was down 0.1% at 92.985. USD/JPY was largely flat at 104.80, while USD/CNY was flat at 6.7110.

GBP/USD pressured towards 1.3000 amid Brexit and virus woes. Dual Brexit and US fiscal stimulus talks continued to dominate cable's trading, resulting in choppy trading, an eventual breakout to the upside, and a retreat afterward. US politics are set to take over in the pre-elections week, while UK coronavirus cases and lockdowns will probably become more prominent. The EUR/USD pair finishes the week with gains around 1.1830, at the upper end of its latest range but still unable to define a trend.  Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.2% at 92.972, after dropping almost 1% last week. USD/JPY was up 0.2% at 104.88.

GBP/USD weighed down by broad US dollar strength. The pair is on a steady decline so far this Friday but holds above the 1.3050 level, as the US dollar remains broadly underpinned following the conclusion of the final Presidential election debate. Brexit talks resumed, differences on key issues still persist. Brexit, stimulus updates and key UK/US data in focus. UK Retail Sales and Preliminary Markit PMI reports due later in the session ahead for fresh incentives on the prices. EUR/USD is currently trading at 1.18, down from the high of 1.1881 reached Wednesday. Despite the pullback, the pair is still up 0.72% this week. Investors are betting that the price of euro/dollar futures, which gauge short-term rate expectations, could fall as the Fed would have to raise rates as soon as 2023 if lawmakers in Washington approve more stimulus in the near term. EUR/USD could extend losses while heading into the weekend - more so, as the European Central Bank is under pressure to deliver more easing due to Eurozone's negative inflation. The dollar index was up 0.1% at 93.082, bouncing back from the seven-week low seen earlier in the week. However, it remains 0.6% lower for the week. USD/JPY was down 0.1% at 104.72.

GBP/USD consolidates the previous day’s heavy gains while declining to 1.3127, down 0.18% intraday, during the pre-London open trading on Thursday. The pair seems to follow the broad trend established by the US dollar pullback.  EUR/USD corrects lower and hovers around 1.1840. The pair may firm within its 1.15-1.20 range as risk sentiment improves and the European Central Bank (ECB) is likely to keep policy unchanged. Rising COVID-19 cases and restrictions should cap EUR gains, economists at Westpac inform.  The dollar edged higher in early European trade Thursday, as traders warily studied the ongoing negotiations in Washington over a potential new U.S. stimulus package. The Dollar Index was up 0.1% at 92.713, rebounding a touch after falling to its lowest level since Sept. 2 overnight. USD/JPY was up 0.1% at 104.64.

GBP/USD tested 1.3020 but awaits a fresh catalyst for a sustained move higher. However, the persistent downbeat mood around the US dollar, in light of the renewed optimism over a likely US fiscal stimulus deal, continues to exert upward pressure on the cable. Technically, the daily closing above the 50-DMA barrier could provide the much-needed push to the bulls while also yielding a symmetrical triangle breakout on the daily sticks. The UK Consumer Prices Index (CPI) 12-month rate came in at +0.5% in September when compared to +0.2% booked in August while matching expectations of a +0.5% print.  EUR/USD advances for the fourth consecutive session on Wednesday and consolidates the upside momentum following the recent breakout of the interim hurdle at the 55-day SMA just below 1.1800 the figure. The focus of attention will be on the participation of ECB’s Christine Lagarde at an ECB Listens event. Commerzbank now has a positive stance and marks the initial resistance at 1.1871 followed by 1.1971 and 1.2015. The  Dollar Index was down 0.3% at 92.787, falling to its lowest level for a month. USD/JPY was down 0.3% at 105.23.

GBP/USD is in a downside consolidation phase in early Europe this Tuesday, hovering around 1.2950 awaiting a fresh update on Brexit for fresh impetus.  The spot rallied as high as 1.3032 on expectations of a Brexit breakthrough ahead of the fresh round of talks between the EU Chief Brexit Negotiator Michel Barnier and his British counterpart David Frost. The spot has confirmed a descending triangle breakout on the hourly chart, opening doors for a rally towards 1.3100. EUR/USD now looks set to test the 50-day simple moving average (SMA) located at 1.1795 after having risen by nearly 0.5% on Monday.  FX Strategists at UOB Group now forecast EUR/USD to navigate within the 1.1690-1.1830 range in the next weeks. The dollar edged higher in early European trade Tuesday, with traders keeping a wary eye on the ongoing political discussions over a potential new U.S. stimulus package. The Dollar Index was up less than 0.1% at 93.445. USD/JPY was up 0.1% at 105.53.