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Friday, May 17, 2019

GBP/USD – Plunges on Brexit fears

Sterling on the decline again as hard Brexit fears rise
The pound is on the decline again as reports continue to suggest that Brexit talks between the Conservatives and Labour are about to reach an unsuccessful conclusion.
Once again precious weeks have been lost and it appears we’re no closer to agreeing on the country’s exit from the European Union. This uncertainty combined with the prospect of a more hardline Brexiteer – one of which has already thrown his hat into the ring – is unsettling sterling traders.

GBPUSD Daily Chart
We’ve gone from a situation in which a deal late in the day looked likely to one in which all options, up to and including no deal, may be back on the table. That doesn’t bode well for the economic prospects and the currency may continue to suffer as these options become more plausible. The break below 1.28 against the dollar is a clear sign of the unease being felt, with 1.27 now being the key level below.

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