Forex
GBP/BRL Sellers Maintain Control as Pair Trades Below Key Support Levels
The Pound Sterling (GBP) has continued to trade under pressure against the Brazilian Real (BRL), with sellers maintaining control near key support levels.
The current exchange rate is R$6.9937, a modest move lower on the day, and remains below its short- and medium-term moving averages.
This sustained weakness below key resistance levels has led analysts to predict that further downside risk may be in store for the GBP/BRL pair in the sessions ahead.
The technical indicators are also pointing towards a bearish outlook, with both Stoch RSI and CCI in oversold territory, indicating stressed market conditions.