The Pound sterling (GBP) Forecasts, Charts and Analysis:
- The EU-UK negotiations on the trade is not going anywhere quickly.
- Never say never is on, it depends on the quality of the united KINGDOM, the rate of interest.
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GBP/USD Remains Under Pressure of the european UNION united KINGDOM Trade negotiations Stall
In the UK, and the EU’s trade negotiations are currently in stalemate, with both sides seemingly unwilling to budge from their world. The last round of talks between the two parties ended last week with very little progress, and, with the united KINGDOM refuses to sanction any further extension of the transition period, and the outlook remains increasingly uncertain. In the UK this week, and will publish a draft legal texts”, so that the EU, member states and interested observers can see, our approach in detail, and in an effort to restart the talks between the two parties. The response to these draft texts of direct Growth on the long-term.
The Bank of England’s chief economist Andy Haldane, said at the weekend that the central bank is considering all options in an effort to stimulate the UK economy and did not rule out negative interest rates or purchase of riskier assets. Speaking to the Daily Telegraph, Haldane said the economy was weaker than a year ago and we are now at ” the effective lower bound, so, in this sense, it is something that we ’ll need to look to look at us with a little more immediacy. How could we not be?’
GBP/USD has fallen nearly 350 pips last week and broke through its several weeks, creating a disturbing series of lower highs and lower lows. The pair also fell through, the 20 and 50 day moving averages, adding to the deterioration of the confidence in the market. The pair is currently trading, on each side of the 38.2% Fibonacci retracement level at 1.2095 and with little price action below here, the 23.6% Fib level 1.1834, it is likely to be the next level of support. The oversold nature of the GBP/USD may help support the pair in the short term, but the pound Sterling is in need of some good macroeconomic news, to stem further losses.
GBP/USD daily Price Chart (December 2019 May 18, 2020)
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