The pound is trading weaker amid a broader strength in the US dollar. The USD is rising for the second consecutive day. Economic data from the UK remains sparse in the meantime. Still, Brexit continues to remain the biggest risk for investors.
GBP/USD Forming into a Descending Triangle
The GBPUSD currency pair is currently threatening the 1.3100 level of support. If support breaks, we expect accelerated declines further. The minimum downside is at 1.2960. Alternately, to the upside, price action will need to break the minor falling trend line for any hopes of an upside bounce.
