GBP/USD: Pound extended its downtrend; support is at 1.28480
|GBP/USD: Pound extended its downtrend; support is at 1.28480
What is going on now with GBP/USD?
GBP/USD: The British Pound extended its downtrend in yesterday's session after failing to get back up at 1.29440. The pair fell from 1.29440 to 128.480 support during the Asian session. The Euro managed to reverse at 1.28480 during the European session; however, the pair failed to continue at 1.29215 and was pushed back down in this mornings session to 128.480 support.
Our forecast
GBP/USD: The Pound is currently trading at its previous support at 1.28527 and needs to remain above 1.28480 support to proceed to 1.28950 and 1.29440. The pair could continue down to 1.28185 and 1.27860 if it fails at 1.28480 support
Support/ short Target - 1.28480, 1.28185, 1.27860, and 1.27650
Resistance/ Long Target - 1.28950, 1.29215, 1.29440, and 1.29695
Chart 1: The short-term view of the GBP/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the GBP/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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