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GBP/USD dips below 1.23

The relapse in the GBP/USD has now extended a bit more and that is all due to the rebound still unfolding in the dollar, as noted when looking at the EUR/USD in the previous update. So, the GBP/USD has just now fallen to a fresh session low too. The pound has dipped below 1.23 now and therefore it is close to the previously noted support level, now at 1.2293. Earlier this morning it was in place at 1.2294. This is the 50 day moving average. The low seen so far has been set at 1.2296. Of course it remains to be seen if this price point will cap further downside and as usual there is always the prospect of stops set in place just below it. The GBP/USD is currently trading at 1.2297

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