The devastating fundamental backdrop in the UK economy is weighing on GBP.
The support rests at 1.24050 with resistance at 1.24790 which both lines are below the weekly pivot point at 1.24990. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving below 50 level, the Stochastic is showing downward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
The pressure may push the price down towards 1.23550; then buyers can expect the price growth towards 1.26500.
