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FOREX: GBPUSD Underperforms, Extends Below Bear Trigger

FOREX
BulletMarketsForeign Exchange Bullets
  • As noted, GBP/USD's run below 1.2500 has extended below the bear trigger at 1.2476, placing the rate at the lowest level since May, which resumes the downtrend posted off the September high.
  • The pair is down 0.55% on the session, with sterling the weakest performer in G10, and spot has now reached the next technical target of 1.2446, the May 9 low.
  • Below here, 1.2400 provides round number support, before 1.2367, the 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend.
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  • As noted, GBP/USD's run below 1.2500 has extended below the bear trigger at 1.2476, placing the rate at the lowest level since May, which resumes the downtrend posted off the September high.
  • The pair is down 0.55% on the session, with sterling the weakest performer in G10, and spot has now reached the next technical target of 1.2446, the May 9 low.
  • Below here, 1.2400 provides round number support, before 1.2367, the 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend.