1.Technical Overview
The daily chart for the GBP/USD pair shows that it closed Friday little changed, also that the bearish technical stance prevails, as indicators have barely stalled their slides at their weekly lows, while the price has extended its decline well below its moving averages, with the 20 DMA currently at around 1.3040.
2. Fundamental overview
The pair fell to an over two-month low of 1.2776 as risk aversion continued favoring the greenback during the first half of the day, but finished the week at 1.2825, as the American currency eased on the back of a mixed Q3 GDP report and some profit-taking ahead of the weekend. Brexit continues dragging Sterling lower, as October is coming to an end and there's no valid deal on the table that includes a solution to the Irish border issue.
Over the weekend, UK's Chancellor Philip Hammond warned that a no-deal Brexit will jeopardize budget plans, prolonging UK'S austerity and that the government will need a new emergency one.
Overall opinion
Positive side, from a reversal signal.
The daily chart for the GBP/USD pair shows that it closed Friday little changed, also that the bearish technical stance prevails, as indicators have barely stalled their slides at their weekly lows, while the price has extended its decline well below its moving averages, with the 20 DMA currently at around 1.3040.
2. Fundamental overview
The pair fell to an over two-month low of 1.2776 as risk aversion continued favoring the greenback during the first half of the day, but finished the week at 1.2825, as the American currency eased on the back of a mixed Q3 GDP report and some profit-taking ahead of the weekend. Brexit continues dragging Sterling lower, as October is coming to an end and there's no valid deal on the table that includes a solution to the Irish border issue.
Over the weekend, UK's Chancellor Philip Hammond warned that a no-deal Brexit will jeopardize budget plans, prolonging UK'S austerity and that the government will need a new emergency one.
Overall opinion
Positive side, from a reversal signal.