GBP/USD consolidating at key support level
GBP/USD has managed to remain above the $1.2823 support level this morning, following a fall into the crucial $1.2723 support level.
The bearish trend looks likely to sustain given the rising likeliness of a harder form of Brexit, with UK Prime Minister Theresa May’s proposal failing to gain much traction. A break below the $1.2723 level could provide us with a good selling opportunity, utilising this recent rebound to place a stop above. We would need to see a break through the $1.2927 mark to provide a more bullish outlook for the pair.