The British pound was down against the US dollar on Friday. By the close of US trading, GBP / USD was trading at 1.2804, losing 1.07%. I believe that support is now at around 1.2776, the low of Friday's trading, and the resistance is likely at 1.3044, Monday's high.
GBP/USD fell all the way to 1.2775 before it finally bounced off from that support after forming a hammer candlestick on the one-hour time-frame. Currently the pair is retracing and it will likely reach 1.2890 - 1.2900.
Pound / Dollar attempted to rise up yesterday, reaching a peak of 1.2850, but traded down earlier this morning, sliding below 1.2800. Expectations remain downside to testing support 1.2780, which is a good long-range area with narrow loss stops. A clear break below this level can clear the way down to 1.2700 - 1.2670 or lower. The first resistance is at 1.2850, whose breakthrough can take the price to a neutral zone with testing at 1.2900 / 25.
The British pound recorded a volatile session against the US dollar on Tuesday. The currency pair added only 20 pips at a closing price of 1.2857. Daytime extreme values were reached at 1.2793 and 1.2887 respectively. If the bearish trend of the last few sessions continues, we can expect a first support test at 1.2700.
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