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Oct 07 - 02:36 PM
GBP/USD - COMMENT-Without Progress On Brexit GBP/USD Drifts Lower Still
First appeared on eFXplus on Oct 07 - 12:30 PM

GBP/USD bucked today's lower USD trend in morning NorAm, falling 0.14% to 1.2315 nL2N26S0AW as Brexit uncertainties prevail.
PM Johnson is once again calling for the UK to leave the EU on the current Oct. 31 Brexit deadline with-or-without a deal. He is also putting pressure on the EU, saying the bloc needs to move now nL5N26S19X. The PM's negotiating style of using fear of a no-dealevent does not seem to be working with Europe.
A
nd with the UK parliament having already voted to keep a no-deal Brexit event off the table, Johnson appears to hold even less sway with his own lawmakers.
All this sets up for another Brexit delay.
A further delay nL2N26S0E9 added to falling UK growth and rate expectations is likely to keep pressure on the downside for GBP/USD.
A break below the daily Tenkan at 1.2271 sets up a run at lower 30-day Bolli support at 1.2187 and the 2019 low at 1.1959.


GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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