The pound slumped to a two-year low as signs of economic downturn mounted in a market increasingly betting that policy makers will have to cut borrowing costs.
The currency reached its weakest level since April 2017 as disappointing retail sales and suggestions that the U.K. economy could be set for its worst quarter since 2012 sapped sentiment. The bleak economic outlook is adding to risk factors for sterling, with money markets pricing in a rate cut by the Bank of England next year.
The pound has fallen about 2% since Prime Minister Theresa May indicated that she would be stepping down
So are there any significant buyers below current price, lets go to the charts to find out?
Based on the monthly chart, the all-time lows sitting at 1.20000.
Based on the weekly chart, the trend is down.
Based on the daily chart, the chart suggests price is heading down to the daily demand at 1.2200.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
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