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Overall, GBPUSD broke out of the bullish channel yesterday leaving the product significantly bearish with the price falling above the 1.2625 level. It is currently trading at 1.2637, with the correction marking a 0.03% decline on the day.
Looking ahead: GBP/USD could test the psychological support of 1.2600. If this level is breached, it could send the pair back to the March low of 1.2572.
I expect after it tests Fibonacci 0.618 or 05 it will be bearish to the specified targets
Overall, GBPUSD broke out of the bullish channel yesterday leaving the product significantly bearish with the price falling above the 1.2625 level. It is currently trading at 1.2637, with the correction marking a 0.03% decline on the day.
Looking ahead: GBP/USD could test the psychological support of 1.2600. If this level is breached, it could send the pair back to the March low of 1.2572.
I expect after it tests Fibonacci 0.618 or 05 it will be bearish to the specified targets
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