Brexit Focus Leaves GBP/USD At Key Resistance Level

As the week came to a close, the Pound received very little in the way of support on Friday. There was a limit on demand as a result of Brexit concerns and this meant that the Pound to US Dollar exchange rate held firm at the key resistance level although the pound did lose some ground against the Euro. This saw the currency finish the day at 1.0999 against the Euro and 1.3045 against the US Dollar according to the Foreign Exchange Market. It was also announced that economic activity had dropped during October according to the latest PMI release.

Improved manufacturing data helped to bolster the Euro on Friday although further coronavirus restrictions saw the private sector slow down for the first time in four months. Looking ahead, investors are going to keep an eye on the third-quarter estimate as this will dictate how the Euro performs.

There was a slow struggle for the US Dollar starting off on Friday as a result of improving market sentiment which meant that the safe-haven currency was less favourable. Despite this, any losses were recovered later on in the session as the latest US PMI survey indicated that domestic business activity had reached a new 20-month high.

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