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Dec 04 - 04:55 PM

GBP/USD - Down From Mid-2018 Highs As Brexit Nerves Get Jangled

By Randolph Donney  —  Dec 04 - 02:45 PM

  • The Brexit talks saga snagged sterling at week's end nL1N2IK1YG

  • Negotiators say deal not possible, divergences persist nS8N2HE02I

  • It's not clear whether a call on Saturday could revive talks

  • Cable was already well off its 1.3540 peak past 2019's 1.3516 high

  • Ramped up vols and bearish risk-reversals this week show no-deal hedging

  • Cable down by the down TL from 2007 at 1.3411 it cleared this week

  • There's some overbought RSI divergence risk as well

  • If Brexit goes bust, 55- and 100-DMAs & cloud top by 1.3080 are in play

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Source:
Refinitiv IFR Research/Market Commentary

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