The pound sterling was seen adding another session of declines. The slump in the currency comes as investors price in the risk of a no-deal Brexit.
This comes due to the plans of the UK to leave the EU by end of next year, regardless of a deal with the EU. Economic data remains on the background with focus turning back to Brexit, after PM Johnson scored a majority win in the parliamentary elections.
Will the GBP/USD Fall Further?
The currency pair is currently trading near the lower support area of 1.3100. We expect some consolidation to take place at this level. The Stochastics is well oversold, indicating that the momentum will slow.
However, we expect that GBPUSD will now likely stay range-bound within 1.3100 and 1.2960.
