- The pound under pressure from the Brexit no-deal.
- GBP / USD falls for the second day, continues to correct after failing to 1.3400.
The GBP / USD extended the pullback having approached 1.3400 and is now targeting 1.3300. The price reached the lowest level in two days at 1.3310 and remains under pressure, due to concerns about the non-agreement due to Brexit.
Negotiations between the UK and the European Union continue today, so did the cross-statements. The British negotiator said that they are still working and that an agreement is still possible, even if it is late.
The Brexit-hit pound is one of the worst performing currencies on the market on Friday. The day is being dominated by range runs at most crossings, and low volume ahead of the US holiday.
From a technical point of view, downside pressures dominate GBP / USD. The rally encountered stiff resistance at 1.3400 and is now dominating the downward correction. Potential supports are seen at the 1.3300 area and below 1.3270. To the upside, 1.3350 looms as the first resistance. To resume the uptrend, the pound must confirm the break at 1.3400.
Technical levels
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