GBPUSD (1.3748): The British pound fell sharply on the day with most of the declines coming from the Brexit negotiations and the comments from the relevant officials. On the 4-hour chart, price action extended the declines following the breakdown of the support level at 1.3902. This potentially puts the downside target in GBPUSD towards 1.2617 – 1.3600 level of support. A retest of support at this level could see GBPUSD establishing a new range, trading sideways within the support and the resistance levels. Any near-term reversals could be seen pushing the currency pair back towards 1.3902 where resistance could be established.
: The British pound fell sharply on the day with most of the declines coming from the Brexit negotiations and the comments from the relevant officials. On the 4-hour chart, price action extended the declines following the breakdown of the support level at 1.3902. This potentially puts the downside target in GBPUSD towards 1.2617 - 1.3600 level of support. A retest of support at this level could see GBPUSD establishing a new range, trading sideways within the support and the resistance levels. Any near-term reversals could be seen pushing the currency pair back towards 1.3902 where resistance could be established.){kind=link}