GBP/USD to retest December low near 1.3160/1.3130 on failure to hold 1.3300 .

GBP/USD suffered heavy losses on Thursday. The 1.3300 level is seen as the next bearish target – removal of which would open up 1.3160/1.3130, economists at Société Générale report.

Test likely..“GBP drift towards next potential support at 1.3300, the 76.4% retracement from December.”“Failure to hold 1.3300 will mean a retest of December low near 1.3160/1.3130.”

GBP/USD regains 1.3400 on Brexit optimism, US PCE eyed.GBP/USD regains 1.3400 on Brexit optimism, US PCE eyed.GBP/USD is extending its rebound from five-week lows above 1.3400 amid an upbeat mood. UK Foreign Secretary Liz Truss eyes significant progress in Brexit talks by February. Report over UK PM Johnson’s future leadership deferred. US PCE inflation in focus. 

Gold drops to three-week low, ascending trend-line breakdown in play.Gold continued losing ground for the third straight day and dropped to a three-week low. The Fed’s hawkish stance, elevated US bond yields, stronger USD contributed to the slide. 

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