GBPUSD Tech analysis by Simon Kazinsky on 12:18 November 26, 2018 EST
The pound remains in a solid downward spiral and not even good news appear to help.
Long are the days, about a decade now, where you could buy $2 with a single pound and the race to the bottom for the British currency has been almost relentless for all these years and it seems that the worst days are not yet behind it as the current trayectory points to a lower low below the 2017 bottom at 1.20.
The recent news about the EU and the UK advancing the Brexit deals have had no impact on the weakness of the pound which remains not far from parity against the Euro and buys only 1.28 dollars.
The GBPUSD monthly chart reveals that the trend is clear against 1.325 and only above 1.37 can form the basis for betting in its favor.
Retail traders are heavily long GBPUSD which provides an extra layer of confidence to the trend.