BTC to GBP was lower the day after the rally to test the £ 12,000 level, which also capped gains on Friday. Bitcoin is losing ground after positive results from a coronavirus vaccine.
The latest news ahead of the US session saw drugmaker Pfizer announce that their Phase 3 vaccine trial had a 90% success in protecting researchers from the virus within 30 days. The news has boosted markets such as stocks and oil, while also seeing safe-haven stocks hit when the virus premium is removed from markets.
The potential of a vaccine could see an end, or reduction, of central bank stimulus measures in the future and this could reduce inflation fears that have plagued global economies. Talks about a second stimulus package in the United States weigh on the US dollar, which has been a big part of the cryptocurrency summer rally and we have also seen a further extension of the Bank’s quantitative easing program. ‘England.
Brexit has also weighed on the British pound recently, but talks continue today with Prime Minister Boris Johnson and EU chief negotiator Michel Barnier, both of whom have taken an optimistic stance ahead of the talks. this week. The UK left the political structure of the EU on January 31 but remains economically tied until December 31. Any failure to strike a deal will lead to volatility in the pound.
BTC to GBP Technical Outlook
BTCGBP is trading above resistance at 10983 and a pullback should find buyers there. Further weakness could see it revert to the 9550 level. A bearish close today should see the first level reached in the coming days. The Investing Cube team is currently available to assist all levels of traders with the Forex trading course or one-on-one framing.
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BTC to GBP Daily Chart