27.05.2020 GBP/USD Daily Analysis

27.05.2020 GBP/USD Daily Analysis

GBP/USD is trading above 1.23, consolidating on past gains. The hopes for the Brexit deal are supporting the pound. The dollar is making a recovery. The GBP/USD pair caught a few aggressive bids and shot to two-week tops Yesterday. With a potential COVID-19 vaccine and hopes for a V-shaped recovery for the global economy, supplies a lift to global risk sentiment. The British pound got a strong boost from a report stating the EU’s willingness to drop its ‘maximalist’ approach on fisheries in the next round of Brexit negotiations with the UK. As investors keep a close eye on development surrounding the US-China dispute the pair has managed to hold above the 1.2300 marks and remain at the pity of the broader market risk sentiment.  The Brexit related matter will majorly influence the Pound as the conversation begins soon.