Is There Hope For GBP / USD To Rise Again?

thecekodok

 The depreciation of the Pound Sterling in Wednesday's trading was hampered by new hopes for the Brexit deal.


European Union (EU) Brexit Consultant Michel Barnier stated that the EU remains committed to reaching an agreement with the UK. He added that the Brexit transition period ending December 31 would not be extended.


That factor slightly supports the Pound currency rather than continuing to depreciate slower.


However, on the price chart for the GBP / USD pair, the price remains to show a decline with yesterday's low almost touching the level of 1.26700 which is the RBS zone (resistance become support).


The rise can be seen again in the New York session trading, but the price only tested the level of 1.27600 which is the SBR zone (support become resistance) before re-descending.


Testing the SBR zone, the price was also seen to fail to break the Moving Average 50 (MA50) barrier level which indicates the trend remains bearish.


Rising prices were also hampered by the strengthening of the US dollar in the market throughout the week as market sentiment remained risky.


Prices are expected to continue lowering below the support level of 1.26700 to record the latest low this week.



A drop below that level will also record the latest 9-week low. The next focus destination is to the 1.25000 concentration level.


If the price increases, the focus level to be tested is SBR zone 1.27600 and then 1.28500.

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