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British Pound (GBP) Latest: GBP/USD Levels to Watch, Brexit Focus Returns

British Pound (GBP) Latest: GBP/USD Levels to Watch, Brexit Focus Returns

2020-02-24 09:10:00
Justin McQueen, Analyst
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GBP/USD Analysis and Talking Points

  • Brexit Focus Returns for GBP/USD
  • GBP/USD Under Modest Pressure
  • Coronavirus Weighs on Risk Sentiment

Rising concerns over the spread of the Coronavirus, which has seen the number of cases rise substantially in both Italy and South Korea has seen risk sentiment come under pressure with investors flocking to safe-havens. Despite this however, GBP has typically been unfazed from the impact of coronavirus. As such, with the EU looking to sign off its negotiating mandate for trade talks to begin from March 2nd, the focus is back onto Brexit. In turn, tensions between the UK and EU are likely to drive price action in the short term with a rise in tensions sparking a pullback in GBP crosses.

GBP/USD MIXED
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
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Weekly -23% -28% -25%
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British Pound (GBP) Latest: GBP/USD Levels to Watch, Brexit Focus Returns

GBP/USD Technical Analysis

GBP/USD is under modest pressure this morning and looks to make a test for the 1.2900 handle. Momentum remains soft with the RSI also heading lower, as such, focus is on for a potential move towards support at 1.2882 (38.2% Fib retracement), which has largely remained firm. However, closing break below leaves the currency exposed to a larger pullback.

GBP/USD Price Chart: Daily Time Frame

British Pound (GBP) Latest: GBP/USD Levels to Watch, Brexit Focus Returns

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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