The U.S. Dollar Index is currently trying to get below the nearest support level at 89.40. If the U.S. Dollar Index manages to settle below this level, it will gain additional downside momentum which will be bullish for GBP/USD.
Today, foreign exchange market traders will focus on the results of the runoff elections in Georgia. At this point, it looks like Democrats have good chances to win both seats and take control of the Senate. This is a bearish scenario for the U.S. dollar as Democrats favor additional stimulus.
Traders will also have a chance to look at the final readings of Services PMI reports. In the UK, Services PMI is expected to increase from 47.6 in November to 49.9 in December.
Any increase will likely be temporary as Britain has just imposed a third lockdown which will put additional pressure on the services segment.
Meanwhile, the U.S. Services PMI is projected to decline from 58.4 in November to 55.3 in December. Numbers above 50 show expansion.
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