The Cable looks to extend its losses as Coronavirus risks and USD’s demand offset Brexit optimism. Markets witnessed a turnaround yesterday, as buyers returned alongside the renewed optimism on a post-Brexit transition trade deal after the EU Chief Brexit Michel Barnier said, “We remain determined to strike a Brexit deal.” However, the bulls failed to sustain the upside momentum as UK PMIs showed a slower expansion in the business activity. Looking forward, the trend remains bearish and further weakness towards 1.26 is expected today, however the BoE Governor Bailey’s speech and US Jobless Claims could shift the market sentiment in the short-term.

Support: 1.2670 / 1.26
Resistance: 1.2760 / 1.2825

Risk Warning: 56.82% of retail CFD accounts lose money

This analysis is just part of a greater daily market report on 8+ of the hottest instruments and assets provided to all SquaredFinancial clients.

Register for a live account and receive the daily report in full detail for free. 

Disclaimer: This information is only for educational purposes and is not an investment recommendation. The information here has been created by SquaredFinancial. All examples and analysis used herein are of the personal opinions of SquaredFinancial. All examples and analysis are intended for these purposes and should not be considered as specific investment advice. The risk of loss in trading securities, options, futures, and forex can be substantial. Customers must consider all relevant risk factors including their own personal financial situation before trading.