The GBP/USD pair has been under bearish pressure since the 7th of June 2016, with the sellers leading the price from as high as 1.4660 to as low as 1.4393
The major went back and forth during the course of the day on Thursday, with the price reaching the intraday low of 1.4447 and high of 1.4526. Today, the pair fell significantly, hitting the session trough of 1.4393.
Concerns over a possible Brexit and its implications on the U.K. economy continue to drive investors away from the sterling, signalling a possible further decline for the pair.
In the event that the price keeps pushing lower, the pair could find support at 1.4351 and 1.4334 respectively.
On the flip side, in the scenario where the price breaks above 1.4457, the pair could rise up to 1.4497 and 1.4526 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.