GBP/USD outlook: Pound extends weakness below 1.2700 handle
|GBPUSD
Cable accelerated lower on Tuesday after bears took a breather for narrow consolidation on Monday.
Fresh weakness probes below 1.2700 round-figure support and eyes target at 1.2668 (15 Jan spike low), driven by persisting fears of no-deal Brexit.
Additional pressure comes from concerns about who will replace Theresa May as Prime Minister, as betting favorite to win, Boris Johnson, supports scenario of leaving EU without a deal.
Weak sentiment and bearish daily/weekly techs can push pound lower, as bears may accelerate on triggering stops below 1.2668.
Oversold daily studies warn of adjustment, but without firmer signals for now.
Broken key Fibo support at 1.2773 (61.8% of 1.2397/1.3381) now marks solid resistance which should ideally cap upticks.
Res: 1.2733; 1.2753; 1.2773; 1.2801
Sup: 1.2668; 1.2629; 1.2615; 1.2580
Interested in GBPUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.