During the early Asian session on Wednesday, GBP/USD saw a corrective drop from the weekly low of about 1.3842. The cable pair sank to its lowest level in a week earlier this week, confirming the early week breach of the 100-day EMA and bearish MACD.
GBP/USD continues on the sellers’ radar after the recent recovery failed to defy the bearish trend, holding below the crucial EMA with mostly the same MACD circumstances.
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Heading into Wednesday’s London begin, the GBP/USD picks up bids to 1.3852, but struggles to keep Asian session gains to 0.11 percent. Despite this, the cable remains positive, hovering around a one-week low hit the day before, thanks to recent optimistic Brexit stories.
The EU is ready for the formal announcement after signaling a willingness to compromise on a ban on British meat from Northern Ireland (NI). According to the BBC, “the European Union (EU) is to formally agree to postpone a ban on the sale of select British meat products in Northern Ireland.” It should be noted, however, that the bloc’s grievances concerning the NI Protocol are still pending in court.
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