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American pharma behemoth Pfizer and Germany’s BioNTech have announced that their COVID-19 vaccine candidate has proved 90% efficient in preventing infections. Stock markets have jumped in response to the news and the safe-haven dollar is down.

GBP/USD is on the rise, trading closer to 1.32. The UK has pre-ordered around 40 million doses of the vaccine, and around ten million units are set to arrive in Britain by the end of the year. Another prominent project comes from the University of Oxford and AstraZeneca. 

Pound/dollar faces resistance at 1.32, followed by 1.3240 and 1.3310. Support is at 1.3145, 1.3095, and 1.3060.