GBPUSD: Under pressure, October 09
Cable reversed plunge to sub-1.2200 levels in early European trading and climbed to session highs around 1.2230 area in the last hour.
For the Sterling throughout the following couple of weeks, it’s a straight shootout between a Brexit extension or a no-deal Brexit to decide the destiny of the currency for the time being.
Overpowering trepidation that the no-deal Brexit stays a perspective is keeping sellers in the game and that has seen the pair slips to the 1.22 level on Tuesday and as we start trading today.
Right now, markets are stating that danger of a potential no-deal Brexit is too difficult to even consider ignoring and that places sellers in the near-term control.