GBPUSD Testing August 2017 Lows on No-Deal Brexit Fears

GBP PRICE, NEWS AND ANALYSIS:

• GBPUSD continues to fall and could yet weaken further.
• Technically, the August 23/24, 2017 lows at 1.2780 and 1.2774 are now possible targets.

NO-DEAL BREXIT FEARS HIT BRITISH POUND

Increasing concerns that the UK could leave the EU in March 2019 without a deal are continuing to hit GBP, which is still suffering from comments by UK international trade secretary Liam Fox that the chances of a no-deal Brexit are now “60-40”.

Since the start of this month, GBPUSD has fallen from 1.3117 to below 1.29. Having broken below support from a triangle pattern on the charts, there is now little support for the pair ahead on the lows almost a year ago at 1.2780 and 1.2774. Retail trader sentiment data are also sending out a bearish signal.

GBPUSD PRICE CHART, DAILY TIMEFRAME (JULY 25, 2017 – AUGUST 9, 2018)

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