The British pound maintained the bullish bias on Tuesday. This comes amid EU President Jean-Claude Juncker’s comments. Juncker said that the no-deal Brexit scenario was entirely up to the UK. The negotiations on Brexit continue to remain in a deadline as the October 31st deadline looms closer.
GBP/USD Likely to Correct to Lower Support
Cable is likely to see some near-term correction. This comes as the support area of 1.2170 remains untested. For further upside gains, the GBPUSD needs to establish support to maintain the bullish bias. The 4-hour chart shows a bearish divergence forming, with the Stochastics forming a lower high, while there is a hidden bearish divergence on the daily chart time frame.
