As forecasted on Wednesday, the British Pound continued to lose value against the American Dollar and slipped right through the weekly S1, which is located at the 1.2199 level. Such outcome additionally confirms that the pair is moving in a clearly expressed downtrend.
As a result, the exchange rate has no technical indicators on its way that might force it to start moving in the opposite direction. For instance, the closest support level, which is set up by the weekly S2, is located only at the 1.2720 level. On the other hand, at 8:30 GMT there will be a release a Second Estimate GDP that might cause certain volatility and lead to a short-term recovery of the Sterling.
