Brexit bluff weighs on GBP

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October 16, 2020 4:11 AM
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Brexit talks made no progress as European Union negotiators called on the U.K. side to negotiate further. European leaders consider U.K. Prime Minister Boris Johnson threat to abandon Brexit talks today is a bluff.

From a technical point of view, on a daily chart, GBP/USD stands below its horizontal resistance at 1.3080 and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3080. The nearest support would be set at September bottom at 1.2675 and a second one would be set at horizontal support at 1.2500 in extension.

Source: TradingView, GAIN Capital


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