British Pound versus US dollar looks set for a break lower to low to mid 1.25s over the next week. The just announced PMI data coming in below expectations and a hardening of stance from Jeremy Hunt on EU trade deal where he suggested he may withhold some of the £38 billion funds that the EU is looking for is for British Pound. The positive rhetoric on a trade deal from US and China yesterday has helped the US dollar find strength which we expect to continue versus British Pound in the coming weeks.
We have also highlighted the relevant fibonacci and zones that are coming into play on our trading view chart.
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