GBPUSD Trades Weaker on Soft GDP Numbers

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The British pound sterling is posting gains for the second consecutive day.

The declines come with a mix of a broadly stronger US dollar and the GDP data.

The declines in the GBPUSD has pushed the currency pair to test the 1.3122 level once again. If support is firmly established here, then we expect to see near term gains.

However, price action will settle into a sideways range between the said levels for the moment.

In the unlikely event of a break down below the 1.3122 level of support, then we expect to see further declines.

The next key support area is at the 1.3000 level.

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