Pound went below 1.27 on Brexit fears

21 May, 2019

The British Pound descended deeper into the abyss this morning with prices falling below $1.27 for the first time since January 2019 as uncertainty over Brexit dented investor sentiment.

Rising concerns over the UK crashing out of the European Union without any kind of transition deal coupled with political drama in Westminster compounded to the Pound’s woes. With a broadly stronger Dollar rubbing salt in the wound and punishing Sterling further, the GBPUSD remains heavily bearish on the daily timeframe. 

Much attention will be directed towards today UK inflation report hearings by the Bank of England's Governor. While this event could impact the Pound, the currency is likely to be more concerned with Brexit developments and the Political drama at home.

Technical traders will continue to closely observe how the GBPUSD behave around the 1.2700 level. A solid daily close below this point signals a move lower towards 1.2620 and 1.2500 as discussed earlier in the week


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