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British Pound (GBP) Latest: Sliding Lower as Brexit Day Nears

British Pound (GBP) Latest: Sliding Lower as Brexit Day Nears

2020-01-29 09:00:00
Martin Essex, MSTA, Analyst and Editor
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GBP price, Brexit news and analysis:

  • GBP/USD continues to fall back but remains above support from a trendline that previously provided resistance.
  • With Brexit just two days away, the EU is continuing to take a hard line ahead of UK-EU trade talks that are due to begin on March 3.

GBP/USD sliding towards support

GBP/USD is sliding lower for the sixth successive session but remains above chart support from a trendline joining recent lower highs that previously provided resistance, potentially limiting steep further losses. As the chart below shows, that currently checks in at 1.2973 while, just above it, there is psychological support at the 1.30 level.

GBP/USD Price Chart, Daily Timeframe (November 24, 2019 - January 29, 2020)

Latest GBP/USD price chart.

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

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The current weakness of Sterling is due largely to global “risk-off” sentiment on concerns that the coronavirus outbreak that began in China could have a negative impact on Chinese, and potentially international, economic growth.

Brexit positioning begins

In the meantime, the EU is continuing to take a hard line ahead of EU-UK trade talks that are due to begin on March 3 and conclude by the year end. Writing in Germany’s Die Zeit weekly, German Foreign Minister Heiko Maas said Wednesday that the UK will have to compromise on issues such as consumer rights and environmental protection if it wants to maintain free access to the EU single market. “By the end of the year, we need to be clear on the shape of our relationship,” he wrote

This session, the European Parliament is expected to approve the terms of the UKs departure from the EU after it debates the Brexit Withdrawal Agreement and backs the UK-EU treaty.

GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -3% -7% -4%
Weekly -8% -20% -12%
What does it mean for price action?
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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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

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