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The British pound fell across the board today, putting an end to its 2-day win streak. The GBPUSD pair depreciated 1.58 percent against the previous session, placing it among the worst performers on Monday.
The pound is starting the week under severe pressure, notably from a stronger USD and increased pessimism over the trade deal negotiations between the UK and EU. The dollar index (DXY) reversed most of its losses from Friday on the back of stronger than expected US manufacturing data. A risk-on mood is being felt in today's Trading activity as US bond yields increased for the first time in four sessions as investors returned to the stock market.
The UK – EU trade deal negotiations have gotten off to a bumpy start as both sides are at odds over the vision of their future relationship. The formal process is a due kick off next month, yet tensions are already being felt, in turn weighing heavily on the GBP. The two economic blocs have made a political declaration to ensure “open and fair competition, encompassing robust commitments to ensure a level playing field” between the two economies. That said, the declaration is open to interpretation. UK PM Johnson stated that he does not intend to follow the EU's rules and regulations, leaving Traders to worry over what implications this may have for the prospects of a smooth transition at the end of 2020.
(Chart Source: Tradingview 03.02.2020)
From a technical perspective, GBPUSD remains confined within a narrow Trading range since December last year. A continuation in sideways price action remains a likely scenario, although current momentum has reversed. The MACD indicator points to a bearish bias in the short term. Traders will be paying close attention to how prices react at the 0.236 Fibonacci level at 1.2942. Bulls will likely attempt to keep the pair above that price point. Should the support fail to hold, GBPUSD may be looking at a further drop to the 1.290 psychological level. On the flip side, with the RSI hovering above undersold levels, mean reveRSIon could push GBPUSD towards 1.299 in the short term.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - Weak GBP Strong DXY
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