LeoPrime Daily Market Analysis

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GBP/USD continues its fall after breaking the Psychological Barrier


GBPUSD extends its fall after heading to strong resistance at 1.3170 region.The UK Markit Service PMI January drops below the consensus at 50.01. Technically the GBP/USD is moving within a corrective trend after breaking the downward sloping long-term trend on the upside. The continuous correction saw GBPUSD struggling around 1.3000 on Tuesday but finally managed to break it to the downside breaking the psychological barrier of 1.3000 and 38.2% Fibonacci retracement line of 1.2970 amid Brexit uncertainty.

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