The tone of Brexit negotiations are less conciliatory than they have been in recent times and this continues to pressure the GBP despite the chance of another rate hike soon. This, and an increasingly negative daily Keltner channel, places our technical focus on the downside and this week’s call is a Sell but leaving room to also Sell at 1.3910, Wednesday’s open. The risk is 1.3997, Tuesday’s peak, with downside objectives at 1.3712, last week’s low, 1.3658, the base of the daily Keltner channel, and 1.3571, the open from 8 weeks ago.
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