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GBPUSD Forecast Update: Cable is under a heavy selling pressure

GBPUSD Forecast Update: Cable is under a heavy selling pressure

Cable is under a bearish pErssure by the news pointing out  it looks more likely  that the Brexit deal will not be accepted when the House of Commons votes on 11 December, suggesting that Brexit could remain unresolved after the vote and at least keep GBP volatile for longer.

A fresh wave of GBP selling interest emerged, despite today’s upbeat UK macroeconomic data.

On the daily chart the pair is about to break the 1.27000 support and the triangle. Daily closings below 1.27000 may trigger the sell-off.

And the DXY  continues to stay above the 97 level despite the positive atmosphere in the FED and US-China talks at the weekend.

Personally I find it risky  to short the pair as long as the “approval by the parliament”alternative stays alive.


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GBPUSD:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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