The mixed results produced by the United Kingdom’s economy

The mixed results produced by the United Kingdom’s economy this Tuesday didn’t prevent the British pound to the Brazilian real exchange rate from climbing higher in the sessions. The pair’s prices have been very bullish in recent weeks as Brazil faces a huge economic hurdle. As long as the pandemic continues to wreak havoc in the nation, the chances for bears aren’t looking good. It’s evident that bulls have the upper hand considering that the 50-day moving average has been trading significantly higher against the 200-day moving average. Moreover, it was just recently reported that Brazil surpassed the mark for 100,000 coronavirus deaths. It is currently the country with the second-highest number of deaths in the world and experts are saying that there is no sign of easing anytime soon. As for the UK, bulls received good news when the Bank of England recently said that it sees a less severe downturn for the British economy.