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GBP/USD has been struggling to hold onto the channel and dived to around 140 pips, currently sitting at 1.2642. Some support is seen at 1.2625, as FXStreet’s analyst Yohay Elam notes. 

Key quotes

“GBP/USD is falling out of the uptrend channel, a bearish sign. On the other hand, momentum remains to the upside and the cable is holding above the 50, 100, and 200 Simple Moving Averages.” 

“Support awaits at 1.2625, a low point on Monday, followed by 1.2575, a cushion from last week, and then by 1.25, a round number and a support line.” 

“Resistance awaits at 1.2730, a swing high, followed by 1.2750, the three-month peak recorded on Monday.”.

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