- The pound under pressure loses ground again counting the dollar and the euro.
- GBP / USD continues to decline after being rejected above 1.3300.
The GBP / USD falls for the second day in a row. The price fell to 1.3130, reaching the lowest level since Monday. The negative tone predominates into the American session.
The weakness of the pound is one of the key factors behind the decline of the GBP / USD, as the currency also loses ground against other rivals. Part of the pullback looks like a normal correction process after sharply rising days. The expectation for a Brexit deal had given the pound a boost.
The dollar on Thursday is shown with mixed results and without a clear direction. US economic data did not have an impact on prices. Unemployment benefit claims fell to the lowest level since March and inflation was unchanged in October against an expectation of a slight rise.
Technical overview
GBP / USD maintains a very short-term bearish bias. The break at 1.3130 could trigger further lows with the next support at 1.3115, followed by 1.3075. To the upside, the key zone is 1.3200: a firm return above would remove the current bearish bias and strengthen the pound to go towards 1.3300 or to consolidate at higher levels.
Credits: Forex Street
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