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Pound Sterling Week Ahead Forecast vs. U.S. Dollar: Downtrend is Your Friend and Likely to Extend
The Pound-to-Dollar exchange rate is trading at 1.2714 at the start of the new trading week after collapsing over 2.2% in the week before. The decline came as a result of the collapse of cross-party Brexit talks which had promised to deliver a possible softer ‘customs-union’ Brexit but failed, while markets are preparing for the resignation of Prime Minister Theresa May and expressing caution that she will be replaced by someone more 'hawkish' on Brexit. From a technical perspective, GBP/USD has established a short-term downtrend which is, on balance, more likely to extend than not given the assumption that the ... (full story)