GBPUSD to Continue Struggling

 The British Pound has tumbled a lot during the past few days due to the Brexit drama, and traded below 1.2700 against the US Dollar.
The GBPUSD pair struggled a lot and broke a few important supports such as the 1.2670 and 1.2630 levels. It traded as low as 1.2589, and currently consolidating losses.
It may correct a few pips higher in the near term, but most likely to face sellers near 1.2630 and the 23.6% Fib retracement level of the last decline from the 1.2757 high to 1.2589 low.
On the downside, a break below 1.2585 could open the doors for a move towards the next support at 1.2550.

Leave a Reply