Following softer-than-expected UK inflation data this morning, the GBP continues to sell off against its G10 peers. The GBP/USD is on track to record a fourth consecutive losing day, pressing through a 3M support at US$1.3373 (now marked resistance) and paving the way to 1Y support at US$1.3246.
As a result, the path of least resistance for now is to the downside, offering short-term traders potential sell-rally scenarios to work with until at least the noted 1Y support level.
Written by the FP Markets Research Team
As a result, the path of least resistance for now is to the downside, offering short-term traders potential sell-rally scenarios to work with until at least the noted 1Y support level.
Written by the FP Markets Research Team
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.