GBP/USD Breaks Key Support, Dollar Starts Recovery

Key Highlights

  • GBP/USD started a downside correction after struggling near 1.3700.

  • There was a break below a key descending triangle at 1.3535 on the 4-hours chart.

  • EUR/USD extended its decline below the 1.2200 support level.

  • Gold price dropped over $100, while crude oil price remains elevated.

GBP/USD Technical Analysis

The British Pound struggled to clear the 1.3700 resistance and started a fresh decline against the US Dollar. GBP/USD broke the 1.3620 support level to start the recent downside correction.

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