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According to some analysts, despite the fact that the pound has managed to stay above the psychological support at $1.20 this month even in the conditions of growing uncertainty around Brexit, the chances of sellers to reach this mark are still high.
UK Prime Minister Boris Johnson, is still determined to withdraw the country from the European Union on October 31, and negotiators from the eurozone still do not want to discuss a new deal.
The day before, Reuters reported that 27 EU member states regretted the fact that the British prime minister had not yet made concrete proposals to replace the Irish back-stop.
B. Johnson's point of view on this issue in many respects echoes the position of his predecessor - Theresa May. She also wanted to avoid a tight border in Ireland and find alternative mechanisms to achieve this goal, but her ideas were not supported by British MPs, and the current head of government is not immune from a similar scenario.
Labour leader Jeremy Corbyn has already said that he will do everything possible to avoid Brexit without a deal, adding that in the event of a new referendum he will definitely introduce a clause that allows Great Britain to remain in the EU. Speaker of the House of Commons, John Bercow, in turn, said that he would not allow the prime minister to suspend the work of Parliament.
As the political situation in the United Kingdom continues to deteriorate, outlining not the brightest prospects for the pound, analysts recommend that you refrain from opening long positions on the GBP/USD pair.
On August 12, the British currency sank to its lowest level since the beginning of 2017 at $ 1.2015 against the US dollar. Last week, positive statistics on the labor market, inflation and retail sales in the UK kept GBP/USD from breaking below the level of 1.20. So far, the pair has not been able to go beyond the range of 1.20-1.2210. The risk of an absence of a deal with the EU and tensions in world trade affect the pound's dynamics, spurring the tendency to sell it during rebound periods. If the pound breaks the $1.20 mark, then it can test the low of $ 1.1841, which was reached in October 2016.
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