The GBPUSD pair initially fell during the course of the day and then turn right back around to break out to the upside. However, there is still more than enough resistance at the 1.48 level to keep this market somewhat soft, and this was initially a “knee-jerk reaction” to the latest polling data out of the UK when it comes to the EU referendum.
GBPUSD’s downward movement from 1.4769 extended to as low as 1.4012.
The GBPUSD pair fell during the day on Thursday, as we broke down below the 1.45 handle.
GBPUSD moved sideways in a trading range between 1.4332 and 1.4769.
GBPUSD remains in downtrend from 1.4769, the rise from 1.4332 could be treated as correction of the downtrend.
The GBPUSD pair initially rose during the course of the session on Wednesday, but turned right back around to form a bit of an exhaustive candle.
The GBPUSD pair initially fell during the course of the session on Monday, but turned back around and reached above the 1.45 handle.
The GBPUSD pair broke higher during the day on Tuesday, as we continue to drive towards the 1.45 level.
GBPUSD recently made a strong downside break from the short-term rising trend line support visible on its 1-hour time frame.
Today’s Key Economic Data
