Technical Analysis

Cable falls to three-week low as greenback continues to carry agency on the brand new day

GBP/USD hits a low of 1.2833 on the day

GBP/USD H1 12-02

Very similar to EUR/USD, cable has additionally hit two extremes within the span of lower than an hour as worth swings from a excessive of 1.2885 to a low of 1.2833 on the day. The greenback continues to carry up nicely and that’s sending cable decrease on the day to check help close to 1.2831 from the 21 January low.

With yesterday’s decline, worth broke beneath the 100-day MA which signifies that the bias/momentum within the pair has turned extra bearish and the near-term bearish bias will solely assist to provide sellers renewed vigour to maintain worth decrease from right here.

As talked about earlier, with no new Brexit developments, merchants are left with pricing in a binary consequence forward of the 29 March deadline. And provided that there is not any convincing indicators of an Article 50 extension, elevated dangers of a no-deal Brexit will simply maintain weighing the pound decrease sooner or later till one thing modifications.

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