The first “set of advice” for businesses in the case of hard Brexit were published yesterday! They were published by UK Brexit secretary Dominik Raab. The “set of advice” contain notes for more red tape for UK businesses and higher prices. Also, imply that many of the problems created by a no deal Brexit may be beyond the UK government’s powers to fix. Warning that leaving without a deal would have “large fiscal consequences” was also repeated by Chancellor of the Ex-Chequers Philip Hammond.
GBP/USD dropped breaking 1.2825 support line. The pair may prove sensitive to Fed’s Chairman Powell’s speech today. We could see it breaking the 1.2770 support line and aim for the 1.2725 support level. On the other side, we could see it breaking the 1.2825 resistance line and aim for the 1.2895 resistance hurdle.