News and Market Analysis

GBP-Don’t try and catch a falling knife

The Pound is tacking another pounding (sorry couldn’t help  it) with the GBP/USD falling below crucial support at 1.29. The European Commission is expected to take legal action against the UK after approval of a law that violates the Brexit Withdrawal Agreement. They are at loggerheads about State aid with Britain unwilling to accept Brussels demands.

At the time of writing we see sterling trading 1.2840 heading towards the next key support at 1.2810. Short term resistance can be seen at the days high of 1.2949.

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