Pound Sterling Price News and Forecast: GBP/USD – Boris' Brexit blink set to outweigh Manchester's mutiny [Video]
|GBP/USD: UK/EU Brexit trade deal negotiations are clear weighing on sentiment [Video]
As a three week rally on Cable has moved into reverse, the pressure has turned back towards a test of 1.2845 support. It is notable that intraday volatility on Cable has picked up this week, with larger daily ranges. The Average True Range of 117 pips has been exceeded in each of the past three sessions now (UK/EU Brexit trade deal negotiations are clear weighing on sentiment). Although newsflow is key, we favour selling into intraday strength for pressure on 1.2845. A closing breach would increase downside momentum for a test of 1.2670. Near term rallies into 1.3000/1.3080 continue to struggle. It is also worth noting now the support of a five month uptrend (which links the lows going back to May), which comes in today at 1.2780. Read More...
GBP/USD Forecast: Comeback for cable? Boris' Brexit blink set to outweigh Manchester's mutiny
Should I stay or should I go? That Clash song best described Prime Minister Boris Johnson's dilemma about Brexit talks after a clash with the EU – but it seems he will stay. If the PM resumes talks and is ready to compromise, GBP/USD has room to recover and even rally.
On Thursday, EU leaders allowed for more negotiations – but refused to intensify them. Moreover, they said that the ball is now in Britain's court, triggering angry responses from London. David Frist, Britain's chief negotiator, expressed disappointment. Read More...
GBP/USD analysis: Trades above 1.2900
Yesterday, the GBP/USD exchange rate dropped to the 1.2900 level. During today's morning, the rate reversed north.
Given that the currency pair is pressured by the 55-, 100– and 200-hour SMA in the 1.2955/1.2980 range, it is likely that some downside potential could prevail in the market. In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the resistance level formed by the monthly PP located at the 1.3028 mark. Read More...
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