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GBPUSD – Any Bottom in Sight?
Cable continues to get hammered on fears over Brexit and today it made yet another multi- year low coming within a pip of the 1.2600 barrier. The decline has been driven by market concerns that the government of Theresa May is focusing on the political aspects of the Brexit issues -- namely immigration -- rather than the economic matters such as market access.
The pair is now grossly oversold, and could certainly find a modicum of support at the 1.2500 level which is sure to attract some bargain hunters. But unless sentiment improves on speculation that the the Brits and the EU will come to some workable solution on market access, any rally is likely to be short lived. For now the near term 1.2500 could be the washout support level and the 1.3000 handle is now firm resistance.