Sterling hits a multi-month low to struggle against a recovery of US dollar with GBPUSD going towards a potential break below 1.3000. Daily Forex Signals helpful in analysing the forex prices. When US President Trump appeared to handle back on some of his harder trade restrictions with China, it would be a boost Wednesday.
The US dollar immediately broke to the topside and is now making a new monthly high rate with further gains like the US continues to hike rates in the months ahead. With Brexit on the menu at the EU Summit sterling also face a couple of potentially tricky days ahead. Forex Trading Picks No resolution is expected but a further round of negative talk from the EU will increase fears of a no-deal Brexit which neither side really wants.
Sterling can collect some strength from some quarter, GBPUSD set to break below 1.3000. While the British Pound continues to perform well against the NZD and CAD, and only marginally underperforming against the EUR, GBPUSD is a victim of a strong USD complex. Client sentiment also shows that retail remains heavily long of the pair.
November low (1.3040) is now the final level of support before the August low at 1.2774 comes into play. Pointing lower, while the MACD band remains negative, but the RSI indicator is now in the oversold region.
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