Pound Sterling Price News and Forecast: GBP/USD seen on a defensive mode below 1.3050
|GBP/USD pares earlier gains and returns below 1.2950
Sterling’s rebound from 1.2910 area has been limited below session highs at 1.2980, and the pair retreated again to the lower rage of 1.2900. The pound remains practically unchanged on the day, with the markets awaiting a breakthrough in the Brexit negotiations between the UK and the EU.
Cable is stuck in a sideways range
Elevated levels of intraday volatility are still a feature of Cable trading right now. Once more we saw a rally into 1.3000 failing to hold yesterday and Cable dropping back -75 pips into the close. It is indicative of the constant swing back and forth not only of USD expectations but also on GBP with uncertainty over Brexit trade deal developments. Cable is subsequently stuck in a sideways range. Support has developed at 1.2845 but the rallies have faltered between 1.3000/1.3080 repeatedly over the past six weeks.
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