GBP/USD Outlook: Pound falls further on collapse of Brexit talks

Slobodan Drvenica Windsor Brokers

GBPUSD

Disappointing news about the crash of Brexit talks between the UK's two biggest political parties and rising pressure on PM May would step down, likely in June, further sores pound's sentiment.
Cable fell further on Friday and holding just above new low at 1.2736 (the lowest since mid-January), with bears establishing below broken key Fibo support at 1.2773 (61.8% of 1.2397/1.3381, also 14 Feb higher low).
Close below the latter will generate strong bearish signal for further acceleration lower.
Bears so far showed no reaction on oversold daily studies, but some adjustment should be anticipated in coming sessions.

Res: 1.2773; 1.2798; 1.2847; 1.2865
Sup: 1.2736; 1.2700; 1.2668; 1.2629

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.292
2. R2 1.2891
3. R1 1.2845
PP 1.2816
1. S1 1.277
2. S2 1.2741
3. S3 1.2695

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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