GBP/USD Summaries 27 November 2021

Sterling initially dipped against dollar  but recovered above 1.3300 level as the British currency found itself caught up in panic over a new COVID-19 variant described as the most concerning yet. Sterling has been falling in recent weeks in October it traded above $1.38 sent lower first by disappointment the BoE did not raise rates this month and more recently by worries over slowing economic momentum and growing expectations of tighter monetary policy in the United States, which has boosted the dollar.After falling to as low as $1.3278, sterling had recovered to $1.3333 in late US session. Immediate resistance can be seen at 1.3345(5DMA), an upside break can trigger rise towards 1.3399(50%fib).On the downside, immediate support is seen at 1.3312 (23.6%fib), a break below could take the pair towards 1.3255 (Lower BB).