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  • Writer's pictureAbhilash Hazarika

British Pound Under Heavy Pressure as BREXIT Talks Fail

The British pound is under heavy liquidation pressure due to another failed round of EU-UK Brexit negotiations. Last Friday, European chief negotiator Michel Barnier said the an agreement between EU and UK is far sighted. On the other hand, David Frost stated an opposite statement saying a little progress had been made with their European counterpart.

If we look at the chart above, we can easily see on that British Pound made a big red candle on Friday which signifies heavy selling of the currency due to failed negotiation.

The black line drawn on the chart shows that after heavy selling on Friday, the GBP/ USD has found a support at 1.3090 zone. Let's see, whether the current level can provide support to GBP/ USD or not.

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