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BRITISH POUND TECHNICAL FORECAST: Q1 2020

BRITISH POUND TECHNICAL FORECAST: Q1 2020

Nick Cawley, Strategist

Q1 Outlook: GBP/USD Eyeing a Move to 1.3700

Now that the UK General Election is out of the way, with Conservative leader Boris Johnson winning a large, working, majority, the backdrop for Sterling in the short-term looks positive and recent highs may give way and allow for further gains. These gains are likely to made slowly as year-end disruption and fears over the upcoming EU-UK trade talks will pare back bullish sentiment.

GBP/USD Rate Chart (Chart 2)

GBPUSD Chart

GBP/USD traded as high as 1.3515 just after the UK exit polls were released and has struggled to re-take that level in the last couple of days. The technical set-up for the pair remains positive and over the next quarter, a break and close above here exposes the 1.3700 level which should be the short-term target.

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

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