For 70 straight trading days Cable has been ranging between 1.2074 and 1.2810. Currently in a mild upswing, though battling a strengthening greenback and Brexit fears, the GBP/USD pair is trading in the upper half of the 735 pip range thats been holding since late March 2020.
The Pound has come under renewed pressure following comments by German Chancellor Angela Merkel stating that Germany is preparing for a no-deal Brexit on every level. Her remarks came after this week’s EU-UK trade talks were cut short a day early, with the two sides still far apart on key issues.