After a big sell off in cable, due to poor economic data in UK and cancelled rate hike in May, as well as, dollar strength, GBPUSD hit a major support and is currently having a pullback.
Next potential sell off continuation is with a break of 1.32 level, which is also the 50% fib retracement, targeting the next support area above 1.30.
The pair is very fundamentally driven, but with British PM postponing her Brexit plans yet again to the end of June, this might cause investors to continue selling the pound.
A lot depends on US politics, particularly Trump's trade 'talks' with China and upcoming summit with Kim Jong Un on June 12.
Happy Trading!
Next potential sell off continuation is with a break of 1.32 level, which is also the 50% fib retracement, targeting the next support area above 1.30.
The pair is very fundamentally driven, but with British PM postponing her Brexit plans yet again to the end of June, this might cause investors to continue selling the pound.
A lot depends on US politics, particularly Trump's trade 'talks' with China and upcoming summit with Kim Jong Un on June 12.
Happy Trading!