GBP/USD Analysis: Has no technical support as low as 1.2860

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

The GBP/USD pair is bouncing off resistance levels, which create a resistance cluster from the 1.2940 to 1.2950 levels. Meanwhile, the pair had no technical support as low as the 1.2860 mark.

In general, from a technical perspective the rate is expected to continue its decline in the borders of a descending channel pattern. Namely, it should reach for the 62.30% Fibonacci retracement level at 1.2864.

On the other hand another fundamental announcement about the Brexit talks might immediately change the situation by causing another bounce upwards or sudden drop down.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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