GBP/USD falls by 0.6% on the day now
Price now looks to break below the 1.2900 handle after moving below the 23.6 retracement level @ 1.2910. In a quick move, the low touched 1.2886. The next near-term support is the swing region close to 1.2850 followed by Monday’s low at 1.2828.
The pound is also losing ground across the board as EUR/GBP rises to a high of 0.8740 while GBP/JPY slips to a low of 146.77 on the session. There’s no fresh headlines to have caused the move lower here but it’s more of the fact that traders are continuing to fathom that as long as parliament will reject a meaningful vote, it means that we’re headed for more uncertainty when it comes to Brexit and the pound.
And as traders, we hate uncertainty more than anything else.