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GBPUSD Price Stabilizes, Challenges Key Support Levels

GBPUSD Price Stabilizes, Challenges Key Support Levels

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • The GBPUSD price is marginally higher Tuesday after its steep Brexit decline Monday.
  • It is now approaching an important band of support that may prevent further losses near-term but if that breaks more weakness looks highly likely.

GBPUSD price stable but more Brexit losses possible

The GBPUSD price is more stable Tuesday after Monday’s steep losses following UK Prime Minister Theresa May’s decision to cancel a Parliamentary vote on her Brexit plan. For now, a band of support could prevent further declines but any breakthrough would likely lead to further weakness.

GBPUSD is now at its lowest level since April 14, 2017 on Brexit turmoil but faces support at the 1.25 “round number” and at 1.2507 – the low touched on April 14 last year. If it falls below 1.25 there is further support at the 1.2365 low touched on April 7, 2017 and then at the 1.2206 low touched on March 14 last year.

However, with no breakthrough expected in the Brexit saga the price will likely continue to drop until a deal is reached. Note that despite its relative stability Tuesday it has regained little ground after Monday’s depreciation.

GBPUSD Price Chart, 30-Minute Timeframe (December 6-11, 2018)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

May is now touring European capitals in the hope of wringing more Brexit concessions from the EU but there is currently strong pressure on her to step down. Calls for a second Brexit referendum continue to grow and traders will be wary of buying GBP for as long as a disorderly Brexit next year remains a strong possibility.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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