It looks like the pound is shelling off its gains, this, we’ve seen in the last six trading days.
For direction if that will continue or not, we’ll look at the charts.
GBPUSD forecast for today.
Price broke the 1.2421 support level, potentially breaking off the three-day range the GBPUSD was locked in.
A continued fall should see price testing the next two logical support levels – 1.2364, 1.2323.
After the activity of the Asian session, expect a pull-back before it continues downwards.
The most likely places to enter are around the bounces off the trendline.
We may have the GBPUSD bulls pushing the price back to the weekly pivot level – 1.2513
We’ll be back tomorrow.
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