No sufficient progress on Brexit talks

UK Union Jack Flag alongside some European Union flags
British pound weakens against the dollar as Brexit talks did not yield sufficient progress. EU Leaders consider that no breakthrough was found in Brexit talks and vow the step up preparations for a no deal. Yesterday, the U.K. Office for National Statistics has reported jobless rate for the three months to August at 4.5% (vs 4.3% expected). 

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 a new 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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