Sterling makes fresh two-year lows as Raab reiterates hard line on Brexit negotiations

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD falls to a low of 1.2335, the lowest level since March 2017

GBP/USD D1 29-07
Price has now breached the April 2017 low of 1.2551 and is hitting its lowest level since March 2017 as Dominic Raab continues to reiterate the government's stance on Brexit negotiations by calling the EU "stubborn" and saying that they must be the one "to move".

This just reinforces the notion that both sides' approach are at odds and any prospect of a compromise being struck is nowhere to be found.

The chart doesn't look pretty as the March 2017 low - next support level - sits at 1.2110.

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