GBP/USD Technical Analysis: Close to Breaking Important Support

For three trading sessions in a row, the GBP/USD currency pair is subjected to selling operations, as a result of which it settled around the 1.2105 support level. It is close to testing an important support 1.2045, which supports more bears’ control of the trend. The gains of the GBP/USD last week brought it to the resistance level of 1.2277, but as I mentioned many times before, the gains of the currency pair will remain subject to selling as long as the US dollar is strong with the expectations of raising the US interest rate and the investors’ demand for it as a safe haven. On the other hand, sterling is in the position of worrying about a strong recession in Britain, as well as worrying about the future of political life in the country.

Steve Walker

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