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The Shared currency modestly gained to $1.1724 as Germany’s Social Democrats marginally won Sunday’s national election as per the projected results, and claimed a “clear mandate” to lead a government for the first time since 2005 and to end 16 years of conservative-led under Angela Merkel.
The Cable nosedived to $1.3657 on back of the rise in the UK’s virus-led death tolls and manpower shortages due to the Brexit weighed on the British pound
The Japanese yen ticked down to 110.59 versus the U.S dollar as the market eyes for the Bank of Japan Governor Haruhiko Kuroda speech later today.
The Aussie dollar sidelined at $0.7282 although fears of the economic contagion from China Evergrande Group's debt situation receded slightly.
The Loonie rose to 1.2630 per U.S dollar as oil cheers firmer sentiment, economic recovery hopes amid demand-supply fears.
South African rand lost ground to 14.91 against the U.S dollar on the back of a closed S.A financial markets on Friday for public holiday.
The dollar-rupee unbothered at 42.85(selling) on the local market.
16:30 - USD - Core Durable Goods Orders (MoM)
19:00 - GBP - BoE Gov Bailey Speaks
The pound sterling is hovering near its one-month low around 1.3620 ahead of FOMC and BOE monetary policy meetings. The pound met with some fresh supply in the zone 1.3670-80 which could be a key resistance in the near term followed by 1.3800.
On the technical side, GBPUSD appears to be moving in a consolidation zone. As per Elliott wave principle, it appears that GBPUSD is currently riding a wave B ( triangle) of a corrective move A-B-C which could put more pressure to the downside in the near term.
A break and close of 1.3600 opens the door towards 1.3100 in the medium term. A breach of wave A of triangle (1.3980) invalidates the move and can be bullish in the medium term.