GBP/BRL will bounce back from a major support line

The pair will bounce back from a major support line, sending the pair higher towards its all-time high. The United Kingdom and Brazil are in a race that both countries will not want to participate in. Brazil overtook the UK yesterday on the list of countries with most coronavirus cases. Brazil is now the third in the world with 293k cases while the UK has 248K. The rise in the coronavirus cases in Brasilia is expected to take a toll on its economy and currency. Aside from the record level cases, analysts and investors are also worried about the stance of President Jair Bolsonaro in COVID-19. The South American president downplayed coronavirus. He is currently searching for the country’s 3rd health chief since the coronavirus outbreak. The former chiefs were either fired or resigned to their recommendations to lockdown the Brazilian economy. Brazil’s president was previously criticized for downplaying the Amazon rainforest’s burning.