After successful breaking of support at 1.2200 (it was made yesterday) today GBPUSD reached its lowest level since Oct. 25. The most interesting is still ahead of us because at the level of 1.2090 is next support. This level provides support, which effectively stopped downward movement in the October 2016.
Ultimately, however, breaking the level 1.2090 is very likely. We don’t see at the moment especially high power of bulls and the long-term trend is bearish. At the level 1.2090 should, however, arise some reaction of demand. That is a rebound worth watching, if it will be weak than level of 1.2090 can give opportunity for interesting trade setup.
