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

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.

GBPUSD

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