My previous GBP/USD signal on 10th May was not triggered as the price did not reach any of the key support or resistance levels during that day\u2019s London session
May that there were both bullish and bearish factors, so I thought that the major data release could provide an opportunity to trade a reversal following a spike. However, this did not work out.
The technical picture now is more bearish, as despite the long-term bullish trend and the long-term high that was reached not long ago, the price has continued to sell offwe have seen the Euro begin to outperform the Pound following disappointing British economic data. At the time of writing, the price is sitting on a key support level at $1.2466. However, I cannot say that this level looks likely to be pivotal, as we have a cup formation in the area the last time $1.
although the momentum is bearish, and does not look likely to reverse yet, how much further the price might fall is very questionable.the safest opportunity which might set up today would be a long trade from a bullish bounce at $1.2419Concerning the GBP, the Governor of the Bank of England will be speaking at a conference at 10:50am London time. There is nothing of high importance scheduled today regarding the USD.
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