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GBP/USD - The Next Leg Lower on Negative Brexit Headlines

GBP/USD - The Next Leg Lower on Negative Brexit Headlines

Nick Cawley, Strategist

Brexit Outlook and Sterling (GBP/USD) Price, Analysis and Chart:

  • A deal is looking increasingly unlikely
  • Sterling down across the board

The latest round of negative EU/UK trade talks rumors has pushed Sterling lower and back to around 1.3250 against the US dollar. According to a Bloomberg report, sources with knowledge of last night’s discussions say that it may be impossible to reconcile the two sides’ differences and that a no-deal Brexit is the likely outcome. This is only one of many reports and as always caution should be used when looking at sources reports.

British Pound (GBP) Latest: GBP/USD Under Pressure as Brexit Endgame Nears

Sterling has been weak all morning and has taken another leg lower going into the US open. Sterling is down by nearly 0.8% against the Euro at 0.9100, down by 1% against the Canadian dollar (1.6960) and the New Zealand dollar (1.8855), and is around 0.65% lower against Sterling at 1.3270.

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GBP/USD 5-Minute Price Chart (December 10, 2020)

GBP/USD Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -17% 17% -5%
Weekly -31% 111% -4%
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What is your view on Sterling – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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