GBP/USD: Brexit woes, firmer yields favor sellers near 1.3400, UK/US PMIs eyed

GBP/USD consolidates losses made during the last two days around 1.3400 during the initial Asian session on Tuesday. While US President Joe Biden’s nomination for the Fed Chair’s position recently weighed on the cable pair, Brexit jitters and the COVID-19 fears add to the bearish bias for the quote ahead of the UK and the US preliminary PMI numbers for November.

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GBP/USD Forecast: Sellers eye a drop below 1.3400

The British pound has lost its strength ahead of the weekend and the technical outlook points to a bearish shift in GBP/USD. Investors will keep a close eye on headlines surrounding the negotiations on Brexit’s Northern Ireland (NI) protocol. Following the latest talks in Brussels on Friday, UK Brexit Minister Lord David Frost said that they had not yet made substantive progress on the NI protocol issues.

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