GBPUSD

09:07, 03 June

Daily analysis

On Tuesday last week we covered the GBPUSD which finished the week off rallying a little and trying to stop the rot of its large declines. It has however remained below the current key level of 1.27. In the last few weeks the GBPUSD has fallen sharply from the key level at 1.32 down to a five month low near 1.2560. It had previously done well to rally from a two month low up to the 1.32 level before sellers jumped in and turned the sterling away strongly.
The medium term down trend has been extended with the recent decline. In the present rally, it will be doing well to return to around 1.29, which is the level of the previous trough.