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In last 4 days GBPUSD fell about 300 pips, as recent economic numbers indicate slowdown and consumer spending declined for three consecutive months.
Moreover, BoE remain dovish about raising interest rates in near future and impact of Brexit remain uncertain. All these factors could add up and I am expecting major decline on this pair.
From technical perspective, price hit Weekly Supply Zone and decline rapidly from that zone. Next Demand Zone is around 1.2810 where we could see some buying interest. If that Demand zone doesn't hold then we could see further decline into 1.2600 level.
Moreover, BoE remain dovish about raising interest rates in near future and impact of Brexit remain uncertain. All these factors could add up and I am expecting major decline on this pair.
From technical perspective, price hit Weekly Supply Zone and decline rapidly from that zone. Next Demand Zone is around 1.2810 where we could see some buying interest. If that Demand zone doesn't hold then we could see further decline into 1.2600 level.
