The British pound fell over 0.87% on the day on Thursday after the UK parliament failed to build a consensus on proposing alternative options for the Brexit deal. This prompted PM May to pull the vote on the deal for another day. The uncertainty on the Brexit continues with the likelihood of a hard Brexit still on the table. The currency extended losses for a second consecutive day.
Will GBPUSD Continue to Fall?
The currency pair has been trading within the range of 1.3312 resistance and 1.2972 level of support for the most part this month. As long as the support level holds, the GBPUSD could maintain this sideways range for a while. The lower support shows a confluence with the rising trend line as well. This adds weight to the view that the support level will likely hold in the near term.
