GBP/USD and crosses beaten up as Brexit looms
|Currently, GBP/USD is trading at 1.2384, down -0.54% on the day, having posted a daily high at 1.2464 and low at 1.2378.
Forex today: improved risk sentiment across the board, GBP/USD worst performer
Sterling crosses are taking a beating with GBP/USD extending losses, GBP/JPY to a lesser degree, although EUR/GBP spiking on the day so far to 0.8763, and GBP/AUD on its knees to 1.6179 so far.
UK PM May signs Article 50 letter
The markets were not kind to the pound overnight ahead of Brexit tonight. The UK PM Theresa May has signed the letter and the British ambassador, Sir Tim Barrow, is due to deliver it to EU's Donald Tusk around 12GMT before Tusk holds a press conference announcing that negotiations will formally begin in process of separation Britain from the European Union.
Article 50 to be triggered: "So what now?" - Westpac
GBP/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that the price broke below its 20 SMA which lost its upward strength and veered lower around 1.2520. "Technical indicators have turned south, entering bearish territory or the first time in a week with sharp bearish slopes, favoring additional declines that can extend down to 1.2345, February monthly low and the 50% retracement of January's rally."
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