GBPUSD Drops to Support on Weak GDP
Cable is trading weaker on Tuesday, although it’s quite likely that prices might close flat.
The pound sterling is trading weaker right after price rallied to a three week high.
Following another feeble attempt to break past the resistance area near 1.2643, the GBPUSD retreated.
Price action is now holding on to the support area near 1.2516 as expected.
A strong recovery off this support level will see the GBPUSD once again challenging the 1.2643 resistance area.
Failure to breakout above this level could potentially put the GBPUSD at risk of a correction below 1.2516 level of support.