The Cable dropped to the lowest since May 28 after traders rushed to the US Dollar as the week-long Brexit negotiations started with a bump. Earlier this morning, UK GDP printed below expectations at -2.2%, shifting the market’s risk tone to negative, putting additional pressure on the Pound. Price structure remains bearish as the falling channel keeps the bears in control targeting below yesterday’s lows, 1.2250. Only a positive Brexit news can invalidate today’s bearish narrative.
Support: 1.2250 / 1.2165
Resistance: 1.2330 / 1.2370
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