GBP/USD Refreshes Downwards in the Direction of 1.2200 Brexit Crisis Combines With Risk-off Moods

Updated:

GBP/USD takes lower support around 1.2340, as direction reversal which was noticed – three days ago diminishes. This diminishing occurred during new challenges to feeling early this morning in Europe. Another factor affecting the GBP/USD is the anxieties: coming from Brexit talks; lately about NIP: Northern Ireland Protocol.

Market mood turned sour following China’s announcement of a reduction in the numbers for last month’s Retails Sales and Production. The sour mood: was supported by the anxiety of Covid upturn. Worries that Hungary won’t honors the call to place an embargo on energy products from Russia, and increase of military activity in Donbas keeps supports the risk-off mood.

GBP/USD Refreshes Downwards in the Direction of 1.2200 Brexit Crisis Combines With Risk-off Moods

More Promoting Factors Affecting GBP/USD

In the United Kingdom, the Prime Minister prepares: to adjust the NIP hoping to change the EU’s stand. It is anticipated that the UK  discloses its strategy for one-sided changes in the NIP by tomorrow. The alliance (EU) cautioned such a move with a stoppage in a trade with the United Kingdom. This will consequently affect the GBP/USD.

Contrary to the background, the S&P 500 Futures fell by 0.80 percent. Contrary to the aforementioned, Wall Street experienced an upward-trend a day before. The United States’ ten-year Treasury yield strives to lengthen the recovery actions of three days ago, as the bond voucher falls by 2.5 bps towards near 2.9 percent at the time of publication.

Conclusion
Rounding off, the risk-off mood and feelings relating to Brexit apply a downward force on the GBP/USD prices. Nevertheless, the absence of important data or events today might cause some losses to the pair if the western market is in the favor of risk appetite. Therefore, high-quality promoters will be the focus before tomorrow’s United Kingdom job statement.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.