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GBP/USD Forecast: Hard-Brexit fears to keep pound pressured

Flag chart pattern are primarily known for signaling a continuation of the previous trend. The flag chart pattern is formed right after a bullish or bearish price movement followed by a period of consolidation. This is where price tends to take a pause before continuing in the original direction of the trend. As we can see…our chat technically….forms a flag bullish pattern and we wait for price to continue the up trend ……..

 

But Fundamentally……..we could see :The GBP/USD pair reached a multi-week low of 1.2978 and finished last trading week around the 1.3000 figure, as fears of a hard-Brexit weighed on the pound. Concerns were triggered by PM Johnson, as he ruled out the possibility of extending the transition period beyond 2020. Better-than-anticipated UK data failed to support Sterling, with the kingdom’s GDP revised higher in Q3 to 0.4% from 0.3%.

 

On Friday, the UK Parliament passed the Withdrawal Agreement Bill, paving the way for the UK to leave the Union by January 31. The bill will now move to the House of Lords and is expected to pass with no issues. That said, the market may read this event as negative, as it will lift odds of a no-deal exit. The UK won’t release data this upcoming week, amid the Christmas holiday.

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22 Dec 2019 6:30 pm Posted by tamilforex

 
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