Technically speaking, on the daily chart trend remains slightly bearish, and only a daily close above 1.2962 could still trigger a bullish movement at least up to 1.3020. Daily opening was positive, with a small gap up but if today we will close below 1.2921, the bearish trend could be consolidated with the development of a potential BEARISH INGULFING.
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Sterling concluded a second weekly advance against the dollar Friday. Still, that wasn’t enough to prevent its steepest monthly drop versus the U.S. currency since October last month as progress on Brexit talks between the U.K. and the European Union ground to a near standstill, ending in acrimony on Aug. 31. With Parliament returning from its summer recess this week, Prime Minister Theresa May will have to bring the members of her Conservative cabinet onto the same page in order to prevent further declines in the currency. The next few weeks could be crucial for the U.K. currency, with two more rounds of negotiations with the EU slated before the bloc’s summit in Brussels on Oct. 19. Sufficient progress -- including the settlement of the divorce bill -- will have to be made before the two sides move on to discussing a future trade deal.