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Pound nosedive amid Brexit jitters

  • Brexit Minister David Davis summoned by the Parliament.
  • GBP/USD trims most of previous' week gains.

The GBP/USD pair accelerated its losses after the US opening, trimming in a couple of hours most of last week's gains. The pair currently trades near its daily low of 1.3220, down from a  daily high of 1.3356, with the Pound being hit badly by political jitters. Ireland is on the verge on a snap election, amid a scandal surrounding the deputy prime minister, the banking stress test performed in the UK indicated that, while now healthy, the sector will suffer a severe impact if no deal is reached on Brexit negotiations, while Brexit Minister, David Davis, has been summoned by the Brexit Select Committee to explain why a report, outlining the potential impact of Brexit presented to the Committee, has been heavily edited.

Levels to watch

Investors rushed to sell the Pound, with the pair's decline accelerating on the bearish breakout of the 1.3300 figure, also the base of a daily ascendant channel coming from mid-November. The mentioned daily low is the immediate support, followed by 1.3185, November 20th daily low.  Resistances from current level could be seen at 1.3260 and the mentioned 1.3300 figure.

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