GBP/USD is currently trading at 1.2861, between a range of 1.2826 and 1.2923. GBP/USD is underperforming due to Brexit concerns while the Dollar is holding in positive territory. GBP/USD’s dropped below the April low at 1.2865 and eyes are now for the February low at 1.2772. «Immediate downside pressure will be maintained while no rise above the May 10 high at 1.3048 is seen.
Only if this level were to be exceeded, would we look for the 1.3185/97 April and current May highs as well as the 61.8% Fibonacci retracement to be retested. » With weekly stochastics leaning bearish, on the downside, the 1.2660s would be targetted next on a break of the February lows, where the price would then meet the 78.6% Fibo confluence of the 2019 range year to date. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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