GBP/USD Price Analysis: Immediate falling channel keeps sellers hopeful around 1.2300
GBP/USD takes rounds to 1.2305 during the early Asian session on Tuesday. The pair bounced off the lowest since May 28 the previous day. However, a four-day-old descending trend channel formation continues to portray the quote’s weakness.
Even so, RSI pullback from the oversold region could offer an intermediate rise towards the pattern’s resistance line, at 1.2335 now. Though, a clear break of which could escalate the recovery moves towards a 200-HMA level near 1.2430.
GBP/USD Forecast: Mounting Brexit tensions weighed on Sterling
The GBP/USD pair has extended its slide to a fresh June low of 1.2251, trading sub-1.2300 heading into the Asian session. The UK published May Mortgage Approvals, which were up by just 9.273K from 15.815K in the previous month, and Consumer Credit for the same month, which came it at £-4.597 B against the £-2.5 B expected.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. 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. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.