GBP/USD Sets Up To Pullback Further On Price Extension

GBP/USD extended its correction during Monday's trading session and further decline is expected in the days ahead. Support comes in at the 1.2400 area with a break below that level turning attention to the 1.2350 level. Further down, support lies at the 1.2300 level where a violation will shift focus to the 1.2250 level. Below here will open the door towards the 1.2200 level. On the upside, resistance is located at the 1.2500 with a break above there allowing for morel strength to build up towards the 1.2550 level. Further out, resistance stands at the 1.2600 level followed by the 1.2650 level. On the whole, GBP/USD retains its downside pressure on correction.

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