Forex Analysis

The British pound recorded a decline against the US dollar on Tuesday. The pair lost 38 pips at a closing price of 1.2197. Daily extreme values were reached respectively at 1.2251 and 1.2168. Bearish sentiment retain its dominance at present, as confirmed break of 1.2150 will enable the continuing decline.

Having said that, it was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.2170, gaining 0.04%. I believe that support is now at 1.2134, Thursday’s low, and resistance is likely at 1.2302, Monday’s high.