Technical Outlook

Pound falls further on collapse of Brexit talks

Disappointing news about the crash of Brexit talks between the UK’s two biggest political parties and rising pressure on PM May would step down, likely in June, further sores pound’s sentiment. Cable fell further on Friday and holding just above new low at 1.2736 (the lowest since mid-January), with bears establishing below broken key Fibo support…
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Bears pressure key Fibo support at 1.2773

Cable holds firmly in red and extends weakness close to key support at 1.2773 (Fibo 61.8% of 1.2397/1.3381) on Friday. The pair is on track for the second consecutive weekly close in red and the biggest one-week fall in two months that adds to negative picture. Pessimism over Brexit as PM May will try again to pass her deal through the parliament…
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Fresh easing signals that recovery phase might be over

The pair fell back to 109.50 zone (approx. the mid-point of this week’s range) on fresh safe-haven buying as markets fear an escalation of US/China trade tensions after China signaled a lack of interest in resuming trade talks with the US under current circumstances. Recovery attempts from week’s low at 109.02 (supported by formation of bear-trap…
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