GBPUSD at 2 Year Low as no-deal Brexit Fears Increase

GBPUSD trading 0.30 percent lower at 1.2342 making fresh two and a half years low after comments from UK foreign secretary, Dominic Raab that UK must prepare for a no-deal Brexit. UK parliament is set to observe a vacation period starting from today until 3 September. So I don’t expect any notable Brexit developments during that period.

GBPUSD continues lower for third day in a row; the short term momentum is negative for the pair. A break below 1.2335 will accelerate the drop down to 1.2108 the low from March 1st 2017. On the upside immediate resistance stands at 1.2383 today’s high while more offers will emerge at 1.2426 the 50 hour moving average. Intraday traders can enter a long position if the pair breaks above 1.2383 targeting 1.2426 high for profit, a stop order should be also activated at 1.2430. Short positions targeting below 1.23 should place stop loss orders at 1.2383.Don’t miss a beat! Follow us on Twitter.