Hi there this is Steve Miley for forextraders.com and we’re now here looking at the pound against the US dollar, GBPUSD spot FX rate, the cable spot FX rate.
Well the market is certainly negative in here, we’ve had this negative tone from mid-September, a recovery-failure in October and then yesterday another recovery-failure. The market spiking up to and then failing exactly at the resistance that we had already flagged at 1.2292 back from there.
And having previously pushed down below this 1.2231 support down to 1.2203 and lower again here down to 1.2193 this week. All of that leaves negative pressures down through 1.2193 down towards maybe 1.2156. we’re seeing a negative tone.
That failure yesterday: optimism about the Brexit trade talks, the Brexit deal talks. But then those deal talks very much failing, any kind of optimism failing and then very much back onto that “no-deal” scenario even though that is unlikely to happen in itself, but we’re getting no real headway in the talks between the UK and Europe.
So, the pressures to the down side in here still: 1.2193 / 1.2156 risks on the down side. The market would need to get back above 1.2253 to aim it back up to this 1.2292 barrier which we would look to to then try to cap.
This has been Steve Miley for forextraders.com.
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