The pound has come under renewed selling pressure early this week which has resulted in the trade-weighted pound falling to new cyclical lows. The break of key technical support levels has reinforced the pound’s renewed downward momentum.
The lows for the pound during the initial aftermath of the Brexit vote from early in July have been taken out as cable has broken below support at just below the 1.2800- level and EUR/GBP has rose above resistance at the 0.8725-level.
It provides a bearish technical signal that the pound is likely to weaken further in the near-term.
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