GBPUSD continues to drop to a low level
Hello everyone, today the GBP/USD pair continues to be restricted by the 1.2500 resistance level before the release of US economic data.
The GBP/USD pair could become more vulnerable and weaken further below the 1.2400 level, accelerating its decline to monthly lows around the 1.2310-1.2300 area, on its way towards support at 1.2280-1.2275.
On the other hand, recovery efforts may now face strong resistance near the psychological level of 1.2500. Any further price increase can be seen as a selling opportunity and still limited near weekly highs in the range of 1.2545-1.2550 area.
The GBP/USD pair could become more vulnerable and weaken further below the 1.2400 level, accelerating its decline to monthly lows around the 1.2310-1.2300 area, on its way towards support at 1.2280-1.2275.
On the other hand, recovery efforts may now face strong resistance near the psychological level of 1.2500. Any further price increase can be seen as a selling opportunity and still limited near weekly highs in the range of 1.2545-1.2550 area.
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