GBP/USD Drops Through 1.3000 to Find Support at 88.6% October Fib

GBP/USD Talking Points:

– It’s shaping up to be a big week for PM Theresa May, and we may be nearing a no-confidence vote at some point this week. This fear has helped to push the British Pound back-below the vaulted 1.3000 level, as discussed by my colleague Mr. Justin McQueen earlier today.

– GBP/USD fundamentals were discussed earlier today in Mr. David Song’s article entitled, GBP/USD Forecast: Post-EU Summit Weakness to Persist as Bull Trend Snaps. In this article, the technical backdrop will be the primary focus; but if looking for more information behind the fundamentals around the British Pound, including focus on the upcoming ‘Super Thursday’ rate decision at the Bank of England, check out David’s earlier-published piece.

– Quarterly Forecasts have just been updated, and the Q4 forecast for GBP/USD is available from the DailyFX Trading Guides Page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

Want to see how retail traders are currently trading GBP/USD? Click here for

Article source: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2018/10/22/gbpusd-price-drops-through-13000-chart-support-886-fibonacci-outlook-srepstans.html