GBP/USD extending the bearish note to 1.2150

Pablo Piovano FXStreet

The Sterling has started the weak on a soft note, now dragging GBP/USD to test lows in the 1.2150 area.

GBP/USD focus on ‘Brexit’ headlines, US data

The pair has come under renewed selling pressure since Friday, prolonging the drop to the mid-1.2100s where it seems to have found some support for the time being.

Last week’s up tick to levels above the 1.23 handle following PM T.May’s comments have relieved markets of the likeliness of a ‘hard Brexit’ scenario, although the bullish attempt lacked of sustainability.

Regarding positioning and according to the latest CFTC report, GBP speculative net shorts have been trimmed a tad during the week ended on October 11, although they still remain in record levels.

Later in the session, MPC B.Broadbent is due to speak before the Work and Pension Select Committee on the ‘Pension Protection Fund and Pensions Regulator’.

Across the pond, the NY Empire State manufacturing index is due ahead of September’s Industrial Production and Capacity Utilization. Furthermore, FOMC’s VP S.Fischer is due to speak on ‘Low Interests Rates’ at the Economic Club of New York Luncheon.

GBP/USD levels to consider

As of writing the pair is losing 0.21% at 1.2161 and a break below 1.2086 (low Oct.11) would expose 1.1450 (low post-‘flash crash’ Oct.7). On the other hand, the next resistance aligns at 1.2377 (high Oct.11) followed by 1.2644 (20-day sma) and finally 1.2761 (high pre-‘flash crash’ Oct.7).

Sell 73%

Buy 27%

Avg Sell Price 1.2436

Avg Buy Price 1.2779

Liquidity Distribution

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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