GBPUSD continues its downtrend
Updated
Hello dear traders! What do you think about GBP/USD?
Today, GBPUSD continued its losing streak reaching its lowest level in many months. Currently, the price is trading at 1.2265 and still shows no signs of exiting the downtrend. On the other hand, UK economic data is weakening so the path of least resistance for the pair right now is bearish.
1.2240 is considered the immediate support for this pair. A close below that level on the 1D chart could open the door to further declines towards 1.217 and 1.205.
In the short term it is expected to fall to at least the indicated level after retracing to the breached level.
Today, GBPUSD continued its losing streak reaching its lowest level in many months. Currently, the price is trading at 1.2265 and still shows no signs of exiting the downtrend. On the other hand, UK economic data is weakening so the path of least resistance for the pair right now is bearish.
1.2240 is considered the immediate support for this pair. A close below that level on the 1D chart could open the door to further declines towards 1.217 and 1.205.
In the short term it is expected to fall to at least the indicated level after retracing to the breached level.
Note
good luck everyone
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