“¢ Trump’s Brexit comments prompt some fresh selling on Friday. “¢ The ongoing USD bullish move adds to the downward pressure. The GBP/USD pair managed to find some support near the 1.3100 handle, albeit has struggled to register any meaningful recovery. The US President Donald Trump commented on the PM Theresa May’s updated ‘soft-Brexit’ proposal and said that it would probably kill hopes of a US-UK trade deal, which prompted some fresh selling around the British Pound. This coupled with the prevalent US Dollar bullish bias, amid easing US-China trade tension and firming Fed rate hike expectations, exerted some additional downward pressure and dragged the pair to near two-week lows. In absence of any market-moving economic data, Brexit headlines and persistent USD buying interest turned out to be key factors weighing on the major. Technical Analysis: Today’s steep decline during the early European session could also be attributed to some fresh technical selling on a decisive break below a support marked by a short-term descending trend-channel formation on the 1-hourly chart. However, slightly oversold conditions, as depicted by RSI on the mentioned chart, helped limit deeper losses, at least for the time being. Hence, it would be prudent to wait for a follow-through selling before positioning for any further near-term downside. Spot rate: 1.3136 Daily High: 1.3205 Daily Low: 1.3103 Trend: Sideways Resistance R1: 1.3160 (trend-channel support break-point) R2: 1.3205 (current day swing high) R3: 1.3242 (R1 daily pivot-point) Support S1: 1.3103 (current day swing low) S2: 1.3095 (monthly low set on July 2) S3: 1.3050 (YTD lows set on June 28) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BoE’s Cunliffe: Softer Q1 activity was driven by poor weather FX Street 5 years "¢ Trump's Brexit comments prompt some fresh selling on Friday. "¢ The ongoing USD bullish move adds to the downward pressure. The GBP/USD pair managed to find some support near the 1.3100 handle, albeit has struggled to register any meaningful recovery. The US President Donald Trump commented on the PM Theresa May's updated 'soft-Brexit' proposal and said that it would probably kill hopes of a US-UK trade deal, which prompted some fresh selling around the British Pound. This coupled with the prevalent US Dollar bullish bias, amid easing US-China trade tension and firming Fed rate… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
