GBP/USD Aims Lower

The British pound has been depreciating against its peers recently as the UK economy has been posting lower than expected results as well as dovish tone from the BoE regarding future developments.

The GBP/USD exchange rate went as low as 1.3205 in yesterday's session and is now trading slightly higher at 1.3236 with intraday high of 1.3292.

If the Sterling continues its way South we can expect the pair to reach medium term support zone at 1.3070. If that level holds strong, bulls would have the chance to make a correction of the trend and end the aggressive downfall that started in mid April.

Chart: GBP/USD D1