GBPUSD Fragile as Downside is Tested

GBP price, news and analysis:

Attention in the UK is on the publication of the government’s Brexit plans and a visit by US President Donald Trump.

However, from a technical perspective, GBPUSD is at risk of breaking lower, with 1.30 in sight.

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Downside risk for GBPUSD

GBPUSD is at a critical point technically and a move down to the 1.30 level is looking increasingly likely as the UK government issues its long-awaited Brexit plans in the form of a “White Paper” and a visit by US President Donald Trump looks set to be accompanied by widespread demonstrations.

The pair has been trending lower since April 17, when it hit a high of 1.4377. That decline reversed on June 28, when it hit a low of 1.3049 and it has been rallying since then. However, the last few sessions have seen weakness re-emerge.

GBPUSD Price Chart, Daily Timeframe (April 4 – July 12, 2018)

Article source: https://www.dailyfx.com/forex/technical/article/currency_crosses/2018/07/12/GBPUSD-Fragile-as-Downside-is-Tested.html